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Gold price is down more than 1% on the day as U.S. weekly jobless claims total 860,000

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(Kitco News) The initial weekly jobless claims dropped by 33,000 to 860,000 in the week to Saturday, slightly disappointing market expectations.

Economists’ consensus called for initial claims to come in at 850,000 following the revised level of 893,000 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 912,000, from last week’s revised average of 973,000, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 12,628,000, during the week ending September 5, down by 916,000 from the previous week’s revised level of 13,554,000. The four-week moving average dropped to 13,489,000.

Traders monitor jobs data closely to gauge how it might impact the Federal Reserve’s monetary policy. 

Gold prices were down more than 1% on the day when the data was released with December Comex gold futures last trading at $1,949.20, down 1.08% on the day.

Live 24 hours gold chart [Kitco Inc.]

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