Gold Unfazed By U.S. Weekly Jobless Claims Fall To 45-Year Low
Editor's Note: Updating earlier story with more details from report.
(Kitco News) - Gold prices did not move much after a Labor Department report showed that initial weekly U.S. jobless claims fell by 12,000 to a seasonally adjusted 45-year low of 215,000 in the week to Saturday.
The government said this is the lowest level for initial claims since Jan. 27, 1973, when it was 214,000.
Consensus expectations compiled by various news organizations called for initial claims to be around 228,000 to 230,000. The government revised the prior week’s tally to 227,000 claims from the previously reported 229,000.
As of 8:40 a.m. EST, Comex April gold was trading down 10 cents for the day to $1,324.10 an ounce. Two minutes ahead of the report, the metal was at $1,323.60.
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 – dipped by 500 claims to 224,500.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 35,000 to a seasonally adjusted 1,871,000 during the week ending March 17, the government said. The four-week moving average fell by 12,750 to 1,861,500.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.