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Gold Moves Little After U.S. Jobless Claims Fall 2,000 To 228,000

Kitco News

(Kitco News) - Gold did not move much after government data Thursday showed that initial weekly U.S. jobless claims fell by 2,000 to a seasonally adjusted 228,000 in the week to Saturday. Spot gold was last up by $1 to $1,281.30 an ounce.

The Labor Department report came out at the same time as the U.S. Producer Price Index.

Consensus expectations compiled by various news organizations had called for initial jobless claims to be around 218,000 to 220,000. The government did not revise the prior week of 230,000.

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 7,750 claims to 220,250.

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 1,684,000 during the week ending April 27, the government said.

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