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Gold price up following rise in U.S. weekly jobless claims

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(Kitco News) - The gold market is finding some bullish traction as more American workers than expected applied for first time unemployment last week.

Initial weekly jobless claims rose to a seasonally adjusted 553,000 for the week ended April 17, the Labor Department said on Thursday, down by 13,000 claims from the previous week's revised level. Despite the drop, the jobless claims missed economist expectations. According to consensus estimates, economists were expecting to see an increase of 547,000 claims.

The gold market is some buying momentum due in part to the latest labor market data. June gold futures last traded at $1,79.10 an ounce, up 0.29% 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 611,750, a decrease of 44,000 from the previous week.

Continuing jobless claims, which represent the number of people already receiving benefits, were at relatively unchanged at 3.67 million during the week ending April 17, an increase of 9,000 from the previous week.

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