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Gold prices test resistance at $2550 as weekly jobless claims rise to 230K

Kitco Media
By Neils Christensen
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(Kitco News) - Gold prices are holding their own at a critical resistance point as the U.S. labor market continues to stabilize.

Thursday, the U.S. Labor Department said that weekly jobless claims increased by 2,000 to 230,000 during the week ending Sept 7, up from the previous week's revised estimate of 228,000 claims.

The number was in line with economist expectations.

The gold market is holding modest gains but not seeing any significant new momentum in its initial reaction to the data. December gold futures last traded at $2,556.90 an ounce, up 0.42% 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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weekly jobless claims#gold #silver #commodities #preciousmetals #investinglabor market

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