Make Kitco Your Homepage

Gold prices holding steady as U.S. Weekly jobless claims rise to 225K

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - The U.S. labor market continues to show resilient strength as the number of America workers applying for first-time unemployment benefits rises in line with expectations.

The weekly employment data is having little impact on gold as prices continue to tread water above $1,800 an ounce in thin holiday markets.

Thursday, the U.S. Labor Department said that weekly jobless claims rose by 9,000 to 225,000, up from the previous week's unrevised estimate of 216,000 claims.

The latest labor market data rose in line with economist expectations.

The gold market is not seeing much reaction to economic data as prices remain below. February gold futures last traded at $1,817.20 an ounce, roughly unchanged 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, by 250 claims from the previous week's revised average of 221,750.

The 4-week moving average was 221,000, a decrease of 250 from the previous week's revised average. The previous week's average was revised down by 500 from 221,750 to 221,250.

Continuing jobless claims, which represent the number of people already receiving benefits, were at s 1.71 million during the week ending Dec. 17, rising by 41,000 from the previous week's revised level.

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.