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U.S. Weekly Jobless Claims drop by 8K as gold prices trade under pressure amid risk-on sentiment

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U.S. Weekly Jobless Claims drop by 8K as gold prices trade under pressure amid risk-on sentiment

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(Kitco News) The initial weekly jobless claims dropped to 211,000 in the week to Saturday, slightly beating market expectations.

The market consensus called for initial claims to come in at 215,000 following a revised level of 219,000 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 – increased to 215,250 from last week’s revised average of 215,000, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1,689,000 during the week ending October 26, down by 3,000 from the previous week’s revised level of 1,692,000, the report said. The four-week moving average was unchanged at 1,686,750.

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

Gold edged down after the release, touching daily lows, with December Comex gold futures last trading at $1,483.40, down 0.65% on the day.

Live 24 hours gold chart [Kitco Inc.]

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