(Kitco News) - Gold prices are trading higher after the number of American workers applying for first-time unemployment benefits last week was better than expectations.
On Thursday, the U.S. Labor Department said that weekly jobless claims came in at 207,000 during the week ending April 20, lower than the previous week's unrevised estimate of 212,000 claims.
The number was better than the consensus forecast, as economists were expecting to see 214,000 initial claims.
Spot gold rose after the 8:30 am EST release, last trading at $2,330.30 for a gain of 0.60% on the session 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 213,250, down from the previous week's average of 214,500.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.781 million during the week ending April 13, below the previous week's revised level of 1.796 million, and also lower tha the consensus forecast of 1.810 million.
