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Gold Remains Higher After U.S. Jobless Claims Rise 3,000 To 222,000

Kitco News

(Kitco News) - Gold maintained overnight gains after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 3,000 to a seasonally adjusted 222,000 in the week to Saturday. Spot gold was last up $3.40 to $1,336.50 an ounce.

Consensus expectations compiled by various news organizations had called for initial claims to be around 216,000 to 218,000. The government revised the prior week’s tally to 219,000 from the previously reported 218,000.

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 2,500 claims to 217,750.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 2,000 to a seasonally adjusted 1,695,000 during the week ending June 1, the government said.

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