(Kitco News) - Gold prices dipped following the release of in-line labor market data after the number of Americans filing new claims for unemployment benefits was close to economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 229,000 for the week ending August 23, the Labor Department announced on Thursday. The number was slightly lower than expectations, as consensus estimates forecasted a reading of 230,000 claims. The previous week’s figure was revised down to 234,000 from 235,000.
Spot gold pulled back toward support near $3,400 following the 8:30 am EDT data, and last traded at $3,405.19 per ounce for a gain of 0.22% 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 228,500 following the previous week's revised average of 226,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.954 million during the week ending August 16, lower than the expected 1.975 million reading and the previous week’s downwardly revised 1.961 million level.
