(Kitco News) - Gold prices were trading near session lows 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 214,000 for the week ending December 20, the Labor Department announced on Wednesday. The number was lower than expectations, as consensus estimates forecasted a reading of 223,000 claims. The previous week’s figure was unrevised at 224,000.
Spot gold continued to trade near session lows following the 8:30 am EST data, and last traded at $4,480.59 per ounce for a loss of 0.09% 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 216,750 following the previous week's average of 217,500, and against expectations for 219,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.923 million during the week ending December 13, higher than the previous week’s revised 1.885 million level and the 1.900 million expected.
