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Gold Steady As U.S. Weekly Jobless Claims Up 15,000 To 258,000

Kitco News

Editor's Note: Updating earlier story to include more details from report.

(Kitco News) - Gold futures were nearly steady Thursday after a Labor Department report showing that initial weekly U.S. jobless claims rose by 15,000 to a seasonally adjusted 258,000 in the week to Saturday.

Claims topped consensus expectations compiled by various news organizations, which had called for the figure to be around 239,000 to 240,000. The government revised the prior week’s tally to 243,000 claims from the previously reported 241,000.

Meanwhile, 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 up by 1,000 claims to 240,000.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 39,000 to a seasonally adjusted 2 million during the week ending March 11, the government said. The four-week moving average fell by 32,000 to 2,026,750.

As of 8:37 a.m. EST, Comex April gold was trading up 40 cents for the day to $1,250.10 an ounce. Three minutes ahead of the report, the metal was at $1,249.20.

Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.

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