(Kitco News) - Gold prices are trading right near the $2,000 level after the number of American workers applying for first-time unemployment benefits last week came in below expectations.
On Thursday, the U.S. Labor Department said that weekly jobless claims decreased by 8,000 to 212,000 during the week ending Feb. 10, down from the previous week's estimate of 220,000 claims.
The number was also below the consensus forecast, as economists were expecting to see jobless claims hold steady at 220,000.
Spot gold whipsawed in the minutes after the 8:30 am EST release, but quickly returned to trading within a few dollars of $2,000 per ounce. It last traded at $2,000.21, and is up 0.39% on the day at the time of writing.
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 218.500, up from the previous week's revised average of 212,750.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.895 million during the week ending Feb. 3, 30,000 above the previous week's revised level of 1.865 million, and also above the expected 1.890 million.
