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Gold Remains Steady After U.S. Jobless Claims Fall 5,000 To 210,000

Kitco News

(Kitco News) - Gold remained roughly steady Thursday after Labor Department data showed that initial weekly U.S. jobless claims fell by 5,000 to a seasonally adjusted 210,000 in the week to Saturday. Comex December gold was last up 60 cents to $1,228 an ounce.

Consensus expectations compiled by various news organizations had called for initial claims to be around 210,000 to 215,000. The government revised the prior week’s tally to 215,000 from the previously reported 214,000.

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 2,000 claims to 211,750.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 13,000 to a seasonally adjusted 1,640,000during the week ending Oct. 6, the government said.

Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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