(Kitco News) - Gold prices are trading just off their new 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 223,000 for the week ending April 5, the Labor Department announced on Thursday. The number was below expectations, as consensus estimates forecasted a reading of 226,000 claims. The previous week’s figure was revised to 219,000.
Spot gold spiked to a new all-time high of $3,134.41 in the moments after the 8:30 a.m. EDT release. Spot gold last traded at $3,118.21 per ounce for a gain of 1.14% 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 223,000 against expectations for 226,000, and the same as the previous week's revised average of 223,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.850 million during the week ending March 29, lower than the expected 1.915 million reading and also below the previous week’s revised 1.893 million level.
