Gold Still Softer After U.S. Jobless Claims Fall 7,000 To 222,000
Editor's Note: Updating earlier story with more details from report.
(Kitco News) - Gold prices remained on the defensive after a Labor Department report Thursday showing that initial weekly U.S. jobless claims fell by 7,000 to a seasonally adjusted 222,000 in the week to Saturday.
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 229,000 claims from the previously reported 230,000.
As of 8:37 a.m. EST, Comex April gold was trading down $6.30 for the day to $1,325.80 an ounce. Two minutes ahead of the report, the metal was at $1,326.40.
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 down by 2,250 claims to 226,000.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 73,000 to a seasonally adjusted 1,875,000 during the week ending Feb. 10, the government said. The four-week moving average fell by 16,250 to 1,926,500.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.