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Gold Moves Little After U.S. Jobless Claims Rise 2,000 To 216,000

Kitco News

(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 week’s unrevised at 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 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.

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