(Kitco News) - Gold prices were erasing their earlier losses on Thursday morning following the release of in-line labor market data after the number of Americans filing new claims for unemployment benefits was slightly lower than economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 213,000 for the week ending March 7, the Labor Department announced on Thursday. The number was slightly lower than expectations, as consensus estimates forecasted a reading of 215,000 claims. The previous week’s figure was revised up to 214,000 from 213,000.
Spot gold was climbing back toward flat on the session following the 8:30 am release, and last traded at $5,174.06 per ounce for a loss of 0.05% 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 212,000 following the previous week's revised average of 216,000, and against expectations for 215,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.850 million during the week ending February 28, in line with expectations and lower than the previous week’s revised 1.871 million level.
