News Bites
Gold Unfazed As U.S. Weekly Jobless Claims Rise 7,000 To 230,000
Editor's Note: Updating earlier story to include more details from report, prices.
(Kitco News) - Gold prices moved little after initial weekly U.S. jobless claims climbed by 7,000 to a seasonally adjusted 230,000 in the week to Saturday, according to a Thursday Labor Department report.
Consensus expectations compiled by various news organizations called for initial claims to be around 230,000. The government revised the prior week’s tally to 223,000 claims from the previously reported 221,000.
Shortly after the 8:30 a.m. EST data on jobless claims and a stronger-than-expected report on the Producer Price Index, Comex April gold was trading down 0.21% for the day to $1,355.40 an ounce. Around four minutes ahead of the report, the metal was at $1,354.10.
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 3,500 claims to 228,500.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 15,000 to a seasonally adjusted 1,942,000 during the week ending Feb. 3, the government said. The four-week moving average fell by 5,750 to 1,941,250.
Claims-taking procedures in Puerto Rico and in the Virgin Islands have still not returned to normal, following storms last year, the government said.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.
