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Gold Moves Little After U.S. Jobless Claims Rise To 225,000

Kitco News

(Kitco News) - Gold moved little but held early gains after government data Thursday showed that initial weekly U.S. jobless claims rose 8,000 to a seasonally adjusted 225,000 in the week to Saturday. Spot gold was last up $3.50 to $1,322.90 an ounce.

The tally matched consensus expectations compiled by various news organizations that had called for initial claims to be around 225,000. The Labor Department revised the prior week’s total to 217,000 from the previously reported 216,000.

The report came out at the same time as fourth-quarter gross domestic product, was stronger than forecast.

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 down by 7,000 claims to 229,000.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 79,000 to a seasonally adjusted 1,805,000 during the week ending Feb. 16, the government said.

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