Gold Higher After U.S. Jobless Claims Rise 4,000 To 239,000
(Kitco News) - Gold ticked higher after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 4,000 to a seasonally adjusted 239,000 in the week to Saturday. Spot gold was last up $3.20 to $1,309.10 an ounce.
Consensus expectations compiled by various news organizations had called for initial claims to be around 225,000. The government revised the prior week’s tally to 235,000 from the previously reported 234,000.
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 6,750 claims to 231,750.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 37,000 to a seasonally adjusted 1,773,000 during the week ending Feb. 2, the government said.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.