Gold Remains Weak After U.S. Jobless Claims Fall 9,000 To 233,000
Editor's Note: Updating earlier story with more details from report.
(Kitco News) - Gold moved little, retaining overnight weakness, after Labor Department data Thursday showed that initial weekly U.S. jobless claims fell by 9,000 to a seasonally adjusted 233,000 in the week to Saturday.
Consensus expectations compiled by various news organizations had called for initial claims to be around 230,000. The government left the prior week’s tally unrevised at the previously reported 242,000.
Gold came into the New York trading session with a weaker tone after falling overnight in response to a stronger U.S. dollar and due to profit-taking, analysts said.
As of 8:36 a.m. EDT, Comex June gold was trading down by $12.10 for the day to $1,347.90 an ounce. One minute ahead of the report, the metal was at $1,346.
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 1,750 claims to 230,000.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 53,000 to a seasonally adjusted 1,871,000 during the week ending March 31, the government said. The four-week moving average fell by 1,500 to 1,850,250.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.