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Gold Stable After U.S. Weekly Jobless Claims Rise 12,000 To 272,000

Kitco News

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

(Kitco News) – Gold prices were largely steady Thursday after the Labor Department said initial weekly U.S. jobless claims rose by 12,000 to 272,000 in the week to Saturday, in line with forecasts.

Consensus expectations compiled by various news organizations called for initial claims to be around 270,000 to 275,000. The government revised the prior week’s tally to 260,000 claims from the previously reported 259,000.

Around 8:45 a.m. EDT, Comex December gold was trading 80 cents lower for the day to $1,287 an ounce. Two minutes ahead of the report, the metal was at $1,287.90.

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 9,000 claims to 277,750.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 45,000 to a seasonally adjusted 1,934,000 during the week ending Sept. 16, the government said. The four-week moving average fell by 2,750 to 1,949,750.

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

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