Gold Moves Little After U.S. Jobless Claims Rise 2,000 To 216,000
(Kitco News) - Gold moved little after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 2,000 to a seasonally adjusted 216,000 in the week to Saturday. Spot gold was last down $1.30 to $1,209.20 an ounce.
Consensus expectations compiled by various news organizations had called for initial claims to be around 210,000 to 214,000. The government left the prior weekâ€™s unrevised at the previously reported 214,000.
Meanwhile, the four-week moving average for new claims â€“ often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility â€“ was up by 1,500 claims to 215,250.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 46,000 to a seasonally adjusted 1,676,000 during the week ending Nov. 3, the government said.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.