Gold price edges up as U.S. weekly jobless claims rise above one million again
(Kitco News) The initial weekly jobless claims rose by 135,000 to 1.106 million in the week to Saturday, disappointing market expectations.
Economists’ consensus called for initial claims to come in at 925,000 after claims fell below one million in the previous week. The previous week’s level was also revised up to 971,000.
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 1,175,750, from last week’s revised average of 1,254,750, the U.S. Labor Department said on Thursday.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 14,844,000 during the week ending August 8, down by 636,000 from the previous week’s revised level of 15,480,000. The four-week moving average dropped to 15,841,250.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.
Gold prices ticked up slightly following the data, but were still down on the day. December Comex gold futures were last trading at $1,950.80 an ounce, down more than 1% on the day.