(Kitco News) - Gold prices dipped following the release of better-than-expected labor market data after the number of Americans filing new claims for unemployment benefits last week was lower than forecasted.
Initial claims for state unemployment benefits fell to a seasonally adjusted 219,000 for the week ending September 14, the Labor Department announced on Thursday. The number was lower than expectations, as consensus estimates forecasted a reading of 230,000 claims. The previous week’s figure was 231,000.
The gold market sold off somewhat following the labor market data release, but prices are still up over 1% on the session. Spot gold last traded at $2,587.41 per ounce, up 1.10% on the day.
Meanwhile, 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 227,500 against expectations for a 233,000 print, but lower than the previous week's average of 231,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.829 million during the week ending September 7, well below expectations for a 1.850 million reading and also below the previous week’s revised 1.843 million level.
