Gold Keeps Modest Gains As U.S. Weekly Jobless Claims Rise By 5K
(Kitco News) - Gold prices largely ignored the data from the U.S. Labor Department showing that the initial weekly jobless claims rose to 215,000 in the week to Saturday.
Market consensus called for initial claims to rise to 214,000 from the unrevised level of 210,000 reported in the previous week.
The December Comex gold futures were not impacted by the data, largely keeping all early-morning gains and last trading at $1,235.01, up 0.32% on the day.
The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – was unchanged at 211,750 from last week’s unrevised average.
Continuing jobless claims, which represent the number of people already receiving benefits, was down by 5,000 from the previous week’s revised level, standing at 1,636,000 during the week ending October 13, the report said. This marked the lowest level since 1973. The four-week moving average decreased by 6,750 to 1,646,500, also marking the lowest level since 1973.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.