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Gold Holds Gains After U.S. Jobless Claims Rise 10,000 To 234,000

Kitco News

Editor's Note: Updating earlier story with more details from report.

(Kitco News- Gold maintained early gains after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 10,000 to a seasonally adjusted 234,000 in the week to Saturday.

Consensus expectations compiled by various news organizations had called for initial claims to be around 220,000. The government left the prior week’s tally unrevised at the previously reported 224,000.

As of 8:36 a.m. EDT, spot gold was trading $6.20 higher for the day to $1,226.90 an ounce. Three minutes ahead of reports on jobless claims and personal income and spending, the metal was at $1,226.40.

Meanwhile, the four-week moving average for new jobless claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility – was up by 4,750 claims to 223,250.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 50,000 to a seasonally adjusted 1,710,000 during the week ending Nov. 17, 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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