Gold Remains Near Four-Month Lows Following 236K Print In U.S. Jobless Claims
(Kitco News) - Gold prices are little changed and remained near a four-month low, after initial weekly U.S. jobless claims fell by 2,000 to a seasonally adjusted 236,000 in the week to Saturday, the Labor Department said.
Consensus expectations compiled by various news organizations called for initial claims to be around 239,000.
Gold is ignoring economic data Thursday as it is remains pressured by a rising U.S. dollar and record-high equity markets. February gold futures last traded at $1,256.70 an ounce, down 0.75% on the day.
The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility – was down by 750 claims to 241,500
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 52,000 to a seasonally adjusted 1.908 during the week ending Nov. 25, the government said.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.