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Gold price ticks down as U.S. weekly jobless claims reach a new pandemic low

Kitco News

(Kitco News) The initial weekly jobless claims fell by another 51,0000 to 364,000 in the week to Saturday, beating market expectations and marking a fresh pandemic low.

Economists' consensus called for initial claims to come in at 390,000 following the revised level of 415,000 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 392,750, from last week’s revised average of 398,750, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 3,469,000 during the week ending June 19, an increase of 56,000 from the previous week’s revised level of 3,413,000. The four-week moving average dropped to 3,481,750.

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

Gold edged down after the release of the data. August Comex gold futures were last trading at $1,776.40, up 0.27% on the day after hitting a daily high of $1,780.10 an ounce.

Live 24 hours gold chart [Kitco Inc.]

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