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Gold price steady as U.S. weekly jobless claims total 787,000

Kitco News

(Kitco News) The initial weekly jobless claims dropped by 3,000 to 787,000 in the week to Saturday, slightly beating market expectations.

Economists’ consensus called for initial claims to come in at 800,000 million following the revised level of 790,000 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 818,750, from last week’s revised average of 837,500, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 5,072,000, during the week ending December 26, down by 126,000 from the previous week’s revised level of 5,198,000. The four-week moving average dropped to 5,274,750.

Traders monitor jobs data closely to gauge the employment situation in the country and how it might impact the Federal Reserve’s monetary policy.

Gold prices held steady as the data was released with February Comex gold futures last trading at $1,918.30, up 0.51% on the day.

Live 24 hours gold chart [Kitco Inc.]

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