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Gold prices holding near session highs as US weekly jobless claims rises to 238k, in line with expectations

Kitco Media
By Neils Christensen
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Gold prices holding near session highs as US weekly jobless claims rises to 238k, in line with expectations teaser image

(Kitco News) - The gold market is holding solid gains above a critical resistance level as the U.S. labor market continues to struggle as the number of American workers applying for first-time unemployment benefits holds at an elevated level.

Initial claims for state unemployment benefits rose by 4,000 to a seasonally adjusted 238,000 for the week ended June 29, the Labor Department said on Thursday. Jobless claims rose in line with economist expectations.

The latest employment data is providing further momentum for the gold market. August gold futures lat traded at $2,363.50 an ounce, up 1.29% on the day.
 

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Neils Christensen

Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.com @KitcoNewsNOW

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gold pricesgoldweekly jobless claimsUS labor market

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