(Kitco News) - Gold prices are holding near the middle of their session range following the release of better-than-expected labor market data after the number of Americans filing new claims for unemployment benefits came in below economists’ forecasts.
Initial claims for state unemployment benefits rose to a seasonally adjusted 217,000 for the week ending November 9, the Labor Department announced on Thursday. The number was lower than expectations, as consensus estimates forecasted a reading of 223,000 claims. The previous week’s figure was unrevised at 221,000.
Gold prices continued to trade in the middle of their daily range after the 8:30 am EDT data release. Spot gold last traded at $2,554.06 for a loss of 0.73% 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 221,000 against expectations for a 226,000 print, and also lower than the previous week's average of 227,250.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.873 million during the week ending November 2, lower than the expected 1.880 million reading and also below the previous week’s unrevised 1.892 million level.
