Gold Prices Remain On The Defensive Following 27K Drop In Weekly U.S. Jobless Claims
(Kitco News) - The gold market is seeing little reaction and remains under pressures to a surge in momentum in the U.S. labor market.
Initial weekly U.S. jobless claims fell by 27,000 to a seasonally adjusted 206,000 in the week to Saturday, the Labor Department reported Thursday.
Consensus expectations compiled by various news organizations had called for initial claims to be around 226,000. The government revised the prior week’s tally up by 2,000 to 233,000 jobs.
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 – fell by 3,750 claims to 224,750
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 25,000 to a seasonally adjusted 1.661 million during the week ending Dec. 1, the government said.
The gold market has seen little movement in initial reaction to the better-than-expected employment data as it remains under modest selling pressure. February gold futures last traded at $1,247.50 an ounce, down 0.21% on the day.