(Kitco News) - Gold prices held steady following the release of better-than-expected labor market data after the number of Americans filing new claims for unemployment benefits was lower than economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 227,000 for the week ending August 30, the Labor Department announced on Thursday. The number was better than expectations, as consensus estimates forecasted a reading of 232,000 claims. The previous week’s figure was unrevised at 229,000.
Spot gold showed little reaction following the 8:30 am EDT data, and last traded at $3,545.01 per ounce for a loss of 0.40% 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 231,000 following the previous week's unrevised average of 228,500.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.940 million during the week ending August 23, lower than the expected 1.958 million reading and the previous week’s downwardly revised 1.944 million level.
