(Kitco News) - Gold prices are trading near the top of their daily range and not far from all-time 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 came in at seasonally adjusted 224,000 for the week ending March 22, the Labor Department announced on Thursday. The number was slightly better than expectations, as consensus estimates forecasted a reading of 225,000 claims. The previous week’s figure was revised up to 225,000.
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 $3,050.05 per ounce for a gain of 1.01% 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 224,000 against expectations for 228,000, and below the previous week's revised average of 228,750.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.856 million during the week ending March 15, lower than the expected 1.890 million reading and also below the previous week’s revised 1.881 million level.
