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Gold Remains Softer After U.S. Jobless Claims Rise 8,000 To 216,000

Kitco News

(Kitco News) - Gold remained on the defensive after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 8,000 to a seasonally adjusted 216,000 in the week to Saturday. Spot gold was last down $7.40 to $1,418.80 an ounce.

Consensus expectations compiled by various news organizations had called for initial claims to be around 216,000 to 220,000. The government revised the prior week’s tally to 208,000 from the previously reported 209,000.

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 250 claims to 218,750.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 42,000 to a seasonally adjusted 1,686,000 during the week ending July 6, the government said.

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