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Gold consolidates above $3,650 following 33K drop in weekly jobless claims

Kitco Media
By Neils Christensen
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Gold consolidates above $3,650 following 33K drop in weekly jobless claims teaser image

(Kitco News) - Gold prices continued to consolidate above $3,650 an ounce even as fewer Americans than expected applied for first-time unemployment benefits, recovering slightly from the previous week’s two-year high.

Initial claims for state unemployment benefits dropped by 33,000 to a seasonally adjusted 231,000 for the week ending Sept. 13, the Labor Department announced on Thursday. The number significantly beat expectations, as consensus estimates forecasted a reading of 241,000 claims. The previous week’s figure was revised up to 264,000.

The gold market is not seeing much reaction to the improved employment data as prices hold elevated gains. Spot gold last traded at $3.668.30 an ounce, down 0.26% on the day.

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Neils Christensen

Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.com @KitcoNewsNOW

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goldUS labor marketweekly jobless claimsus economy

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