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Gold Pares Loss After U.S. Jobless Claims Fall 5,000 To 211,000

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(Kitco News) - Gold pared its loss after Labor Department data Thursday showed that initial weekly U.S. jobless claims fell by 5,000 to a seasonally adjusted 211,000 in the week to Saturday. Spot gold was last down $4.90 to $1,304.20 an ounce.

Consensus expectations compiled by various news organizations had called for initial claims to be around 222,000 to 225,000. The government revised the prior week’s tally to 216,000 from the previously reported 221,000.

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 down by 3,250 claims to 217,250.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 13,000 to a seasonally adjusted 1,756,000 during the week ending March 16, the government said.

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