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Gold Prices Ignore In-Line Rise In U.S. Weekly Jobless Claims

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(Kitco News) - The gold market remains under pressure with prices back below $1,300 an ounce as U.S. labor market weakness fell in line with expectations, according to the latest weekly employment data from the Labor Department.

Initial weekly U.S. jobless claims rose in line with consensus forecasts, increasing by 6,000 claims to a seasonally adjusted 229,000 in the week to Saturday, the department reported Thursday.

Consensus expectations compiled by various news organizations had called for initial claims to be around 225,000. The government left the previous week’s data unrevised 223,000 claims.

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 – dropped by 2,500 claims to 223,750.

Gold prices had been under modest pressure ahead of the report buth has seen little movement in initial reaction to the numbers. April gold futures last traded at $1,297.80 an ounce down 0.87% on the day.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increase by 18,000 claims to a seasonally adjusted 1.776 million during the week ending March 2, the government said.

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