Gold price holding steady gains following another jump in U.S. weekly jobless claims
(Kitco News) - Gold prices are holding steady in positive territory as the U.S. labor market continues to lose more momentum as more American workers than expected file for first-time unemployment benefits.
Thursday, the U.S. Labor Department said that weekly jobless claims rose by 13,000 to 861,000, up from the previous week's upwardly revised estimate of 848,000claims.
The latest labor market data missed economists' estimates as consensus forecasts called for initial claims to be around 775,000.
The gold market is seeing little reaction to the latest economic report. April gold futures last traded at $1,781.70 an ounce, up 0.50% on the day.
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 – fell to 833,250, a drop of 3,500 claims from the previous week.
Continuing jobless claims, representing the number of people already receiving benefits, were at 4.494 million during the week ending Feb. 6, a drop of 64,000 from the previous week.