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Gold price sees little movement following 770K rise in U.S. weekly jobless claims

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(Kitco News) - The gold market is seeing little reaction to more volatility in the U.S. labor market as more Americans applied for unemployment benefits.

Thursday the U.S. Labor Department said that weekly jobless claims rose 45,000 to 770,000, up from the previous week’s upwardly revised estimate of 725,000 claims.

The latest labor market data missed economists’ estimates as consensus forecasts called for initial claims to be round 704,000.

The gold market is seeing little reaction to the latest economic report as it trades in neutral territory. April gold futures last traded at $1,728 an ounce, up 0.08% 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 25746,0, down by 16,000 claims from the previous week.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 4.124 million during the week ending March 6 down by 18,000 from the previous week.

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