(Kitco News) - Gold prices are trading near the middle of their daily range following the release of worse-than-expected labor market data after the number of Americans filing new claims for unemployment benefits came in above economists’ forecasts.
Initial claims for state unemployment benefits rose to a seasonally adjusted 219,000 for the week ending February 1, the Labor Department announced on Thursday. The number was above expectations, as consensus estimates forecasted a reading of 213,000 claims. The previous week’s figure was also revised up to 208,000.
The gold market continued to trade near the middle of its daily range following the 8:30 a.m. EST release. Spot gold last traded at $2,862.92 per ounce for a loss of 0.15% 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 216,750 against expectations for 215,500, and also above the previous week's revised average of 212,750.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.886 million during the week ending January 25, higher than the expected 1.870 million reading and also above the previous week’s revised 1.850 million level.
