Gold prices remain in negative territory following as U.S. weekly jobless claims beat expectations
(Kitco News) - The U.S. labor market continues to improve as fewer workers than expected applied for first-time unemployment benefits.
The gold market remains under pressure in negative territory following the better-than-expected economic data.
Thursday, the U.S. Labor Department said that weekly jobless claims rose by 28,000 to 222,000. The previous week's estimate was revised down to 194,000 claims.
The latest labor market data slightly beat market expectations as economists were looking for a print of about 238,000 claims.
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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 238,750 down by 12,250 claims from the previous week.
The gold market was in negative territory ahead of the latest unemployment numbers and has remained relatively unfazed by the numbers. February gold futures last traded at $1,774.70 an ounce, down 0.54% on the day.
Continuing jobless claims, which represent the number of people already receiving benefits hit an important mile-stone as it fell to a new pandemic low. Continuing claims dropped to 1.956 million during the week ending Nov. 20, down 107,000 from the previous week’s revised level
This is the lowest level for insured unemployment since March 14, 2020 when it was 1,770,000,” the report said.