(Kitco News) - Gold prices fell to fresh session lows following the release of better-than-expected labor market data after the number of Americans filing new claims for unemployment benefits was below economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 233,000 for the week ending June 28, the Labor Department announced on Thursday. The number was better than expectations, as consensus estimates forecasted a reading of 240,000 claims. The previous week’s figure was revised up to 237,000.
Spot gold fell following the 8:30 am EDT data, which was released at the same time as June nonfarm payrolls, and last traded at $3,327.18 per ounce for a loss of 0.89% 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 241,500 against expectations for a 246,000 reading, and following the previous week's revised average of 245,250.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.964 million during the week ending June 21, higher than the expected 1.960 million reading and the same as the previous week’s revised 1.964 million level.
