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U.S. Weekly Jobless Claims rise by 14K as gold prices trade near daily highs

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U.S. Weekly Jobless Claims rise by 14K as gold prices trade near daily highs

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(Kitco News) The initial weekly jobless claims increased to 225,000 in the week to Saturday, disappointing the markets.

Economists’ consensus called for initial claims to come in at 215,000 following an unrevised level of 211,000 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 217,000 from last week’s unrevised average of 215,250, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1,683,000 during the week ending November 2, down by 10,000 from the previous week’s revised level of 1,693,000, the report said. The four-week moving average was unchanged at 1,687,750.

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

Gold was trading steady and near daily highs after the data release with December Comex gold futures last at $1,469.70, up 0.44% on the day.

Live 24 hours gold chart [Kitco Inc.]

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