(Kitco News) - Gold prices are holding their gains 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 fell to a seasonally adjusted 213,000 for the week ending November 16, the Labor Department announced on Thursday. The number was better than expectations, as consensus estimates forecasted a reading of 220,000 claims. The previous week’s figure was revised up to 219,000 from 217,000.
Gold prices continued to trade in the upper part of their daily range after the 8:30 am EDT data release. Spot gold last traded at $2,665.29 for a gain of 0.56% 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 217,750 against expectations for a 222,000 print, and also below the previous week's revised average of 221,500.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.908 million during the week ending November 9, higher than the expected 1.870 million reading and also above the previous week’s revised 1.872 million level.
