Make Kitco Your Homepage

Gold rises from daily lows as U.S. weekly jobless claims come in at 268,000

Kitco News

(Kitco News) The initial weekly jobless claims declined by 1,000 to 268,000 in the week to Saturday, slightly disappointing market expectations but still marking a new pandemic low.

Economists’ consensus calls projected for initial claims to come in at 260,000 following the revised level of 269,000 reported in the previous week.

Gold rose from daily lows following the data release, with December Comex gold futures last trading at $1,867.30, down 0.16% on the day. Earlier in the session, gold hit a low of $1,856.60 an ounce. 

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 272,750. This also marked the lowest level since March 14, 2020. The previous week’s four-week moving average was revised up to 278,500, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 2,080,000, during the week ending November 6, a decrease of 129,000 from the previous week’s revised level of 2,209,000. The four-week moving average dropped to 2,157,250. “This is the lowest level for this average since March 21, 2020 when it was 2,071,750,” the report noted.

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

Live 24 hours gold chart [Kitco Inc.]

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.