(Kitco News) - The gold market continues to trade near its overnight record highs above $2,700 an ounce even as the U.S. labor market remains fairly resilient as the number of American workers applying for first-time unemployment benefits drops more than expected.
Initial claims for state unemployment benefits fell by 4,000 to a seasonally adjusted 218,000 for the week ended Sept. 21, the Labor Department said on Thursday. According to consensus estimates, economists had forecast 224,000 claims for the latest week.
The previous week’s unemployment numbers were revised up by 3,000 claims to 222,000.
The gold market is not seeing much reaction to the latest employment data as prices remain within striking distance of their overnight highs. December gold futures last traded at $2,695 an ounce up 0.38% 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 224,750, down 3,500 claims from the previous week’s revised 228,250.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.834 million claims during the week ending Sept. 14, up from the previous revised level of 1.821 million.
