(Kitco News) - The gold market remains trapped at around $1,850 an ounce and is not seeing any new buying momentum following weaker-than-expected labor market data.
Thursday, the U.S. Labor Department said that weekly jobless claims increased by 27,000 to 229,000, down from the previous week's revised estimate of 202,000 claims.
The latest labor market data missed expectations. According to consensus forecasts, economists were expecting to see jobless claims hold steady around 205,000. Weekly jobless claims has risen to their highest level since late-February.
The gold market is not seeing much reaction to the latest labor market data. August gold futures last traded at $1,853.7, down 0.15% 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 – rose to 215,000, up by 8,000 claims from the previous week's revised average.
While initial claims remains volatile, some economists are paying closer 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 1.306 million during the week ending May 28, unchanged from the previous week's revised level.
Continuig claims is holding at its lowest levels since late-December 1969.
