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Gold price ticks up as U.S. weekly jobless claims total 385,000 as expected

Kitco News

(Kitco News) The initial weekly jobless claims fell by another 14,0000 to 385,000 in the week to Saturday, largely meeting market expectations.

Economists' consensus called for initial claims to come in at 384,000 following the revised level of 399,000 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 394,000, from last week’s revised average of 394,250, the U.S. Labor Department said on Thursday.

Continuing jobless claims, representing the number of people already receiving benefits, were at 2,930,000 during the week ending July 24, marking the lowest level since March 14, 2020. This is a decrease of 366,000 from the previous week’s revised level of o 3,296,000. The four-week moving average dropped to 3,188,250.

Traders monitor jobs data closely to gauge how it might impact the Federal Reserve’s monetary policy stance. Reaching maximum employment is one of the central bank’s primary goals.

Gold edged up to trade almost flat on the day after the release of the data. December Comex gold futures were last at $1,814.00 an ounce, down 0.03% on the day.

Live 24 hours gold chart [Kitco Inc.]

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