(Kitco News) - Gold prices were rising toward the $4,100 per ounce threshold 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 220,000 for the week ending November 15, the Labor Department announced on Thursday. The number was better than expectations, as consensus estimates forecasted a reading of 262,000 claims. The previous week’s figure was 228,000.
Spot gold rose sharply following the 8:30 am EDT data, which was released at the same time as September nonfarm payrolls, and last traded at $4,093.13 per ounce for a gain of 0.37% 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 224,250 following the previous week's average of 227,250.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.974 million during the week ending November 8, higher than the previous week’s 1.946 million level. “This is the highest level for insured unemployment since November 6, 2021 when it was 2,041,000,” the report said.
“Due to the lapse in appropriations in effect from October 1, 2025, through November 12, 2025, there will be no publication of the Unemployment Insurance Claims news releases that would have been published from October 2, 2025, through November 13, 2025,” the Department of Labor added.
