(Kitco News) - Gold prices are trading near $2,640 per ounce 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 211,000 for the week ending December 28, the Labor Department announced on Thursday. The number was below expectations, as consensus estimates forecasted a reading of 224,000 claims. The previous week’s figure was unrevised at 219,000.
The gold market was holding steady near the $2,640 level in the minutes following the 8:30 a.m. EST release. Spot gold last traded at $2,639.71 per ounce for a gain of 0.59% 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 223,250, also below the previous week's revised average of 226.750.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.844 million during the week ending December 21, lower than the expected 1.890 million reading and also below the previous week’s unrevised 1.910 million level.
