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Gold price ignores 15K drop in weekly jobless claims

Kitco Media
By Neils Christensen
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Updated
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(Kitco News)—The gold market is holding on to solid gains, pushing above $2,400 an ounce, even as the U.S. labor market shows some resilient strength, with fewer workers applying for first-time unemployment benefits.

Initial claims for state unemployment benefits dropped by 15,000 to a seasonally adjusted 222,000 for the week ended July 6, the Labor Department said on Thursday. Jobless claims are down sharply from last week’s revised estimate of 239,000. 

According to consensus estimates, economists were looking for a small decline to 236,000.

Gold is not paying much attention to the labor market data as it was also released with weaker-than-expected inflation data. While the labor market remains resilient, weaker inflation gives the Federal Reserve room to ease interest rates. August gold futures last traded at $2,407.50 an ounce, up more than 1% 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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