Gold attempts to erase morning losses as U.S. weekly jobless claims beat expectations
(Kitco News) The initial weekly jobless claims decreased by 99,000 to 1.314 million in the week to Saturday, beating market expectations.
Economists' consensus called for initial claims to come in at 1.375 million following the revised level of 1.413 million 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 1,437,250, from last week’s revised average of 1,500,250, the U.S. Labor Department said on Thursday.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 18,062,000 during the week ending June 27, down by 698,000 from the previous week’s revised level of 18,760,000. The four-week moving average dropped to 19,085,500.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.
Gold prices edged up, attempting to erase early-morning losses, with August Comex gold futures last trading at $1,818.70, down 0.10% on the day.