(Kitco News) - Gold prices set fresh session highs following the release of in-line labor market data after the number of Americans filing new claims for unemployment benefits last week matched forecasts, while continuing claims continued to rise.
Initial claims for state unemployment benefits rose to a seasonally adjusted 221,000 for the week ending November 2, the Labor Department announced on Thursday. The number was exactly in line with expectations, as consensus estimates forecasted a reading of 221,000 claims. The previous week’s figure was revised up to 218,000 from 216,000.
The gold market rose to session highs following the release of the labor market data, with spot gold last trading at $2,683.21 per ounce for a gain of 0.91% 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 227,250 against expectations for a 237,000 print, and lower than the previous week's revised average of 237,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.892 million during the week ending October 26, higher than the expected 1.880 million reading and also above the previous week’s downwardly revised 1.853 million level.
