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Gold Prices Holding Gains As U.S. Weekly Jobless Claims Drop By 17K

Kitco News

(Kitco News) - The U.S. labor market remained robust in the first week of 2019 as the Labor Department reported stronger-than-expected jobless claims.

Initial weekly U.S. jobless claims beat consensus forecasts after falling by 17,000 to a seasonally adjusted 216,000 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 3,000 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 – increased by 2,500 claims to 221,750

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, dropped by 28,000 to a seasonally adjusted 1.72 million during the week ending Dec. 29, the government said.

The data is having little impact on gold prices as the market continues to hold within striking distance of $1,300 an ounce. February gold futures last traded at $1.293.20 an ounce, nearly unchanged on the day.

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