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U.S. Weekly Jobless Claims rise by 3K as gold prices hover near daily lows

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(Kitco News) - The initial weekly jobless claims rose to 213,000 in the week to Saturday, slightly disappointing the markets, the U.S. Labor Department said.

Market consensus called for initial claims to come in at 212,000 following an upwardly revised level of 210,000 reported in the previous week.

The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – declined to 212,000 from last week’s revised average of 212,750.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1,650,000 during the week ending September 14, down by 15,000 from the previous week’s revised level of 1,665,000, the report said. The four-week moving average was down by 12,750 at 1,665,750.

Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy. 

Gold edged down after the data, touching its daily lows. December Comex gold futures were last at $1,509.80, down 0.17% on the day.

The bigger news of the day was the third and final reading of U.S. Gross Domestic Product showing that the U.S. economy grew 2% between April and June, in line with economist expectations, and unchanged from the previous estimate.

“Bulls … have suffered a minor setback late this week and now they need to step up and show some fresh strength to keep their price uptrends on the charts alive,” said Kitco’s senior technical analyst Jim Wyckoff.

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