(Kitco News) - The gold market continues to ignore solid U.S. economic data has it hold initial support above $2,350 an ounce even as the U.S. labor market remains relatively healthy.
Initial claims for state unemployment benefits dropped by 11,000 to a seasonally adjusted 211,000 for the week ended April 6, the Labor Department said Thursday. The labor market data was better than expected; according to consensus estimates, economists were looking for a reading of around 216,000 claims. The previous week’s claims were revised up slightly to 221,000.
The drop comes after claims jumped to a nine-week high during the previous week.
The gold market is not seeing much reaction to the muted labor market data as it holds solid gains in elevated territory. June gold futures last traded at $2,357.5 an ounce, up 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 – fell to 214,250, down from the previous week's revised average of 214,500.
The advance number for seasonally adjusted insured unemployment during the week ending March 30 was 1.817, an increase of 28,000 from the previous week's revised level of 1.795 million.
