(Kitco News) - Gold prices are trading just below session highs near the $2,160 level after the number of American workers applying for first-time unemployment benefits last week was in line with expectations.
On Thursday, the U.S. Labor Department said that weekly jobless claims came in at 217,000 during the week ending Mar. 2, the same as the previous week's upwardly revised estimate of 217,000 claims.
The number was slightly above the consensus forecast, as economists were expecting to see jobless claims hold steady at the previous week’s unrevised level of 215,000.
Spot gold whipsawed around the session high of $2,164.80 after the 8:30 am EST release, but pulled back slightly in the following minutes. It last traded at $2,161.72, and is up 0.64% 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 – came in at 212.250, down slightly from the previous week's revised average of 212,500.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.906 million during the week ending Feb. 24, above the previous week's revised level of 1.898 million, and also above the consensus forecast of 1.889 million.
