Gold price bounces off $1,675, ignoring unchanged reading in U.S. weekly jobless claims
(Kitco News) - The gold market continues to hold critical long-term support levels even as the U.S. labor market remains healthier than expected with fewer workers applying for first-time unemployment benefits.
Thursday, the U.S. Labor Department said that weekly jobless claims rose by 5,000 to 213,000, up from the previous week's downwardly revised estimate of 208,000 claims. The data beat expectations as economists were looking for claims to rise to 220,000.
Gold’s ability to hold $1,675 continue to attract some buyers as the precious metal see some bullish momentum in initial reaction to the latest economic data. December gold futures are trading near session highs, last trading at $1,686 an ounce, up 0.61% on the day.
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 216,750, down by 6,000 claims from the previous week's revised average.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.379 million during the week ending Sept. 10, falling by 22,000 from the previous week's revised level.