(Kitco News) - Gold prices are trading near session highs 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 held steady at a seasonally adjusted 213,000 for the week ending November 23, the Labor Department announced on Wednesday. The number was lower than expectations, as consensus estimates forecasted a reading of 217,000 claims. The previous week’s figure was unrevised at 213,000.
The gold market rose close to session highs following the employment data, which was released at the same time as the second estimate of U.S. Q3 GDP and the October durable goods report. Spot gold last traded at $2,651.67 per ounce, up 0.71% on the session.
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 217.000 against expectations for a 218,000 print, and also below the previous week's revised average of 218,250.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.907 million during the week ending November 16, lower than the expected 1.910 million reading and also below the previous week’s unrevised 1.908 million level.
