Gold Prices Remain Down 1% Following Unchanged U.S. Weekly Jobless Claims Data
(Kitco News) - Gold prices are under pressure, trading near session lows but seeing little reaction as the U.S. Labor market remained steady last week with Labor Department reporting relatively in-line jobless claims ending a three-week losing streak week.
Initial weekly U.S. jobless were unchanged at a seasonally adjusted 230,000 in the week to Saturday, the Labor Department reported Thursday.
Consensus expectations compiled by various news organizations had called for initial claims to be around 220,000. The government left the previous week’s report unrevised.
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 – increased by 6,500 claims to 212,500.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, dropped by 17,000 to a seasonally adjusted 1.671 million during the week ending April 20, the government said.
The economic data has had little impact on gold prices as the market continue to digest optimistic comments from Federal Reserve Chairman Jerome Powell's Wednesday. Powell said that the central bank is not overly concerned with the low inflation environment and see it as transitory.
June gold futures last traded at $1,270.50 an ounce, down more than 1% on the day.