Gold Dips After U.S. Jobless Claims Fall 3,000 To 213,000
Editor's Note: Updating earlier story with more details from report.
Consensus expectations compiled by various news organizations had called for initial claims to be around 220,000 to 221,000. The government left the prior weekâ€™s tally unrevised at the previously reported 216,000.
As of 8:37 a.m. EST, spot gold was trading down by $4.20 for the day to $1,289 an ounce. Five minutes ahead of stronger-than-forecast reports on jobless claims and the Philadelphia Fed manufacturing survey, the metal was at $1,292.30.
Meanwhile, the four-week moving average for new claims â€“ often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility â€“ was down by 1,000 claims to 220,750.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 18,000 to a seasonally adjusted 1,737,000 during the week ending Jan. 5, the government said. The four-week moving average rose by 8,000 to 1,728,500.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.