(Kitco News) - The gold market appears to be establishing a new holding pattern at elevated levels as the number of American workers applying for first-time unemployment benefits rises slightly more than expected.
Initial claims for state unemployment benefits rose by 6,000 to a seasonally adjusted 225,000 for the week ended Sept. 28, the Labor Department said on Thursday. According to consensus estimates, economists had forecast 222,000 claims for the latest week.
The previous week’s unemployment numbers were revised up by 1,000 claims to 219,000.
The gold market is not seeing much reaction to the latest employment data. According to some market analysts, traders are keeping their powder dry ahead of Friday’s nonfarm payroll numbers. December gold futures last traded at $2,670.20 an ounce, roughly unchanged 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 224,250, down 750 claims from the previous week’s revised 225,000.
The data also shows that American workers are also finding new jobs after being laid off. Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.826 million claims during the week ending Sept. 21, down from the previous revised level of 1.827 million.
