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Gold holds gains after U.S. jobless claims rise by 8,000

Kitco News

(Kitco News) - Gold retained earlier gains after the Labor Department said Thursday that initial weekly U.S. jobless claims rose by 8,000 to a seasonally adjusted 219,000 in the week to Saturday. Spot gold was last up $10.30 to $1,651.10 an ounce.

Consensus expectations compiled by various news organizations had called for initial claims to be around 212,000 to 214,000. The government revised the prior week’s tally to 211,000 from the previously reported 210,000.

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 up by 500 claims to 209,750.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 9,000 to a seasonally adjusted 1,724,000 during the week ending Feb. 15, the government said.

The report on jobless claims came out at the same time as data on gross domestic product and durable-goods orders.

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