Gold Still Softer After U.S. Jobless Claims Rise 11,000 To 222,000
(Kitco News) -
Gold remained on the defensive after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 11,000 to a seasonally adjusted 222,000 in the week to Saturday.
Consensus expectations compiled by various news organizations had called for initial claims to be around 215,000. The government left the prior week’s tally unrevised at the previously reported 211,000.
Gold came into the New York trading session on the defensive in response to a stronger U.S. dollar as Treasury yields keep rising, analysts said.
As of 8:37 a.m. EDT, Comex June gold was trading down by $3.30 for the day to $1,288.20 an ounce. Four minutes ahead of the report, the metal was at $1,287.50.
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 2,750 claims to 213,250. This was the lowest level since Dec. 13, 1969, the Labor Department said.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 87,000 to a seasonally adjusted 1,707,000 during the week ending May 5, the government said. The four-week moving average fell by 39,750 to 1,773,750.