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Gold softer after U.S. jobless claims fall 10,000 to 204,000

Kitco News

(Kitco News) - Gold eased after Labor Department data Thursday showed that initial weekly U.S. jobless claims fell by 10,000 to a seasonally adjusted 204,000 in the week to Saturday. Spot gold was last down $3 to $1,553 an ounce.

Consensus expectations compiled by various news organizations had called for initial claims to be around 216,000 to 220,000. The government left the prior week’s tally unrevised at 214,000.

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 7,750 claims to 216,250.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 37,000 to a seasonally adjusted 1,767,000 during the week ending Jan. 4, the government said.

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