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Gold price edges down as U.S. weekly jobless claims decline to 166,000

Kitco News

(Kitco News) The initial weekly jobless claims dropped by 5,000 to 166,000 in the week to Saturday, beating market expectations.

Economists’ consensus calls projected for initial claims to come in at 200,000 following the revised level of 171,000 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 170,500. Last week’s four-week moving average was revised down to 178,000, the U.S. Labor Department said Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1,523,000, during the week ending March 26, an increase of 17,000 from the previous week’s revised level of 1,506,000. The four-week moving average dropped to 1,541,250 and the previous week’s four-week moving average was revised up to 1,576,500.

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

Gold edged down but remained positive on the day following the data release. June Comex gold futures were last trading at $1,931.00, up 0.41% on the day. 

Live 24 hours gold chart [Kitco Inc.]

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