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Gold prices retreat to daily lows as U.S. weekly jobless surprise with seven-month low figure

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Gold down after jobless claims

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(Kitco News) The initial weekly jobless claims decreased to 203,000 in the week to Saturday, beating market expectations and marking a seven-month low.

Economists’ consensus called for initial claims to come in at 215,000 following the unrevised level of 213,000 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 217,750 from last week’s unrevised average of 219,750, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1,693,000 during the week ending November 23, up by 51,000 from the previous week’s revised level of 1,642,000. The four-week moving average was unchanged at 1,681,000.

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

Gold prices dropped to daily lows immediately after the release with February Comex gold futures last trading at $1,479.90, down 0.02% on the day.

Live 24 hours gold chart [Kitco Inc.]

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