Gold Remains Higher After U.S. Jobless Claims Rise 3,000 To 222,000
(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 weekâ€™s tally to 219,000 from the previously reported 218,000.
Meanwhile, the four-week moving average for new claims â€“ often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility â€“ 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.