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(Kitco News) - Momentum in the U.S. labor market continues to weaken as the number of workers applying for first time unemployment benefits remains elevated, in line with expectations.
Thursday, the U.S. Labor Department said that weekly jobless claims was unchanged at 264,000, compared to the previous week's revised estimate.
The gold market is not seeing much reaction to the latest numbers as investors focus on the latest hawkish comments from Federal Reserve Chair Jerome Powell, who in his semiannual testimony before Congress, said that the central bank sees the potential for higher interest rates this year to bring inflation back down to its 2% target. Gold prices are seeing solid losses Thursday. August gold futures last traded at $1,939.10 an ounce, down 0.39% 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 sharply to 255,750, an increase of 8,500 claims from the previous week's revised average.
“This is the highest level for this average since November 13, 2021 when it was 260,000,” the report said.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.759 million during the week ending June 10, falling by 13,000 from the previous week's revised level.
