(Kitco News) - Gold prices are trading not far from session highs following the release of in-line labor market data after the number of Americans filing new claims for unemployment benefits matched economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 229,000 for the week ending May 10, the Labor Department announced on Thursday. The number was in line with expectations, as consensus estimates forecasted a reading of 229,000 claims. The previous week’s figure was also revised to 229,000.
Spot gold last traded at $3,186.04 per ounce for a gain of 0.27% 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 230,500 against expectations for a 225,000 reading, and following the previous week's revised average of 227,250.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.881 million during the week ending May 3, lower than the expected 1.890 million reading but above the previous week’s downwardly revised 1.872 million level.
