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Gold Maintains Gains After U.S. Jobless Claims Fall By 9,000

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(Kitco News) - Gold held overnight gains after Labor Department data Thursday showed that initial weekly U.S. jobless claims fell by 9,000 to a seasonally adjusted 221,000 in the week to Saturday. Spot gold was last up $4.10 to $1,316.50 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 230,000 from the previously reported 229,000.

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 by 1,000 claims to 225,000.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 27,000 to a seasonally adjusted 1.75 million during the week ending March 9, the government said.

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