(Kitco News) - Gold prices rose from 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 217,000 for the week ending July 19, the Labor Department announced on Thursday. The number was better than expectations, as consensus estimates forecasted a reading of 228,000 claims. The previous week’s figure was unrevised at 221,000.
Spot gold rose off session lows following the 8:30 am EDT data, and last traded at $3,364.34 per ounce for a loss of 0.68% 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 224,500 against expectations for a 231,000 reading, and following the previous week's unrevised average of 229,500.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.955 million during the week ending July 12, higher than the expected 1.952 million reading and the previous week’s revised 1.951 million level.
