Gold Holds Gains After U.S. Jobless Claims Rise 3,000 To 224,000
Editor's Note: Updating earlier story with more details from report.
(Kitco News) - Gold moved little – hanging on to overnight gains -- after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 3,000 to a seasonally adjusted 224,000 in the week to Saturday.
Consensus expectations compiled by various news organizations had called for initial claims to be around 215,000. The government revised the prior week’s tally to 221,000 from the previously reported 216,000.
As of 8:37 a.m. EST, spot gold was trading $5.40 higher for the day at $1,226.50 an ounce. Two minutes ahead of reports on jobless claims and orders for durable goods, the metal was at $1,225.20.
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 2,000 claims to 218,500.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 2,000 to a seasonally adjusted 1,688,000 during the week ending Nov. 10, the government said.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.