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 weekâ€™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 â€“ often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility â€“ 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.