(Kitco News) - Sold momentum in the U.S. labor market is prompting investors to take some profits in the gold market, as prices fall modestly from the overnight all-time highs above $3,350 an ounce.
Initial claims for state unemployment benefits came in at seasonally adjusted 215,000 for the week ending April 12, 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 revised to 224,000.
While some selling pressure has picked up following the latest labor market data, gold's reaction has been muted compared to the unprecedented rally seen in the last few days. Spot gold last traded at $3,324.50 an ounce, down 0.51% on the day.
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 220,750; meanwhile, the previous week's revised average of 223,2500.
However, the report also showed that laid-off workers continue to find it challenging to get back into the labor market. Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.8850 million during the week ending April 5, up from the previous revised level of 1.844 million.
