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Gold price holds the line as U.S. weekly jobless claims reach lowest level since start of pandemic

Kitco News

(Kitco News) The initial weekly jobless claims fell by 97,000 to 684,000 in the week to Saturday, beating market expectations.

This is the first time jobless claims fell below 700,000 since the COVID-19 pandemic began just over a year ago. 

Economists’ consensus called for initial claims to come in at 730,000 following the revised level of 781,000 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 – decreased to 736,250, from last week’s revised average of 749,000, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 3,870,000, during the week ending March 13, down by 264,000 from the previous week’s revised level of 4,134,000. The four-week moving average dropped to 4,120,750.

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

Gold edged down to daily lows but remained above $1,720 an ounce after the release of the data. June Comex gold futures were last trading at $1,726.50, down 0.52% on the day.

Live 24 hours gold chart [Kitco Inc.]

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