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Gold rises after U.S. jobless claims jump 49,000 to 252,000

Kitco News

(Kitco News) - Gold extended early gains after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 49,000 to a seasonally adjusted 252,000 in the week to Saturday. Spot gold was last up $6.20 to $1,480.80 an ounce.

This was the highest level for claims since September 2017, the government said.

Consensus expectations compiled by various news organizations had called for initial claims to be around 213,000 to 220,000. The government left the prior week’s tally unrevised at the previously reported 203,000.

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 up 6,250 claims to 224,000.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 31,000 to a seasonally adjusted 1,667,000 during the week ending Nov. 30, the government said.

Gold had been up $3 to $1,478.50 five minutes ahead of reports on jobless claims and the Producer Price Index.
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