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Gold remains softer after U.S. jobless claims fall 9,000 to 214,000

Kitco News

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(Kitco News) - Gold remained weaker after Labor Department data Thursday showed that initial weekly U.S. jobless claims fell by 9,000 to a seasonally adjusted 214,000 in the week to Saturday. Spot gold was last down $4.80 to $1,551.20 an ounce.

Consensus expectations compiled by various news organizations had called for initial claims to be around 219,000 to 220,000. The government revised the prior week’s tally to 223,000 from the previously reported 222,000.

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 down by 9,500 claims to 224,000.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 75,000 to a seasonally adjusted 1,803,000 during the week ending Dec. 28, the government said.

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