Make Kitco Your Homepage

Gold holds gains after U.S. jobless claims rise 2,000 to 205,000

Kitco News

(Kitco News) - Gold maintained overnight gains after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 2,000 to a lower-than-forecast, seasonally adjusted 205,000 in the week to Saturday. Spot gold was last up $7.40 to $1,573.20 an ounce.

The report came out at the same time as the January Consumer Price Index.

Consensus expectations compiled by various news organizations had called for initial jobless claims to be around 210,000 to 211,000. The government revised the prior week’s tally to 203,000 from the previously reported 202,000.

Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smooths out week-to-week volatility – was unchanged at 212,000.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 61,000 to a seasonally adjusted 1,698,000 during the week ending Feb. 1, the government said.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.