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Gold prices try to hold $1,560 price level as U.S. weekly jobless claims drop by 15K

Kitco News

Jobless claims

(Kitco News) The initial weekly jobless claims decreased to 202,000 in the week to Saturday, beating market expectations.

Economists’ consensus called for initial claims to come in at 215,000 following the revised level of 217,000 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 211,750 from last week’s revised average of 214,750, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1,751,000 during the week ending January 25, up by 48,000 from the previous week’s unrevised level of 1,703,000. The four-week moving average dropped to 1,742,250.

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

Gold prices were largely unmoved by the data with April Comex gold futures slightly ticking down and last trading at $1,566.80, up 0.26% on the day.

Live 24 hours gold chart [Kitco Inc.]

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