Gold price ignores U.S. jobless claims rising to five-month high
(Kitco News) - The U.S. labor market continues to lose momentum with American workers filing for first-time unemployment benefits at the fastest pace since February.
Thursday, the U.S. Labor Department said that weekly jobless claims rose by 4,000 to 235,000, up from previous week's unrevised estimate of 231,000 claims.
The latest labor market data slightly missed expectations as economists were looking for a relatively unchanged reading.
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 – rose to 232,500, up by750 claims from the previous week's revised average.
While initial claims remain volatile, some economists are paying close attention to continuing claims, which has seen a steady decline in recent weeks.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.375 million during the week ending June 25, increasing by 51,000 from the previous week's revised level.
The gold is not seeing much reaction from the latest labor market data as it sees some bargain hunting after two days of sharp losses. August gold futures last traded at $1,740.50 an ounce up 0.23% on the day.