(Kitco News) - Gold prices are trading near the upper edge of their daily 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 fell to a seasonally adjusted 220,000 for the week ending March 8, the Labor Department announced on Thursday. The number was below expectations, as consensus estimates forecasted a reading of 225,000 claims. The previous week’s figure was also revised to 222,000.
The gold market continued to trade near the upper edge of its daily range following the 8:30 a.m. EST release. Spot gold last traded at $2,947.18 per ounce for a gain of 0.46% 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 226,000 against expectations for 228,000, and above the previous week's revised average of 224,500.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.870 million during the week ending March 1, lower than the expected 1.900 million reading and also below the previous week’s 1.897 million level.
