(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 205,000 for the week ending March 14, the Labor Department announced on Thursday. The number was lower than expectations, as consensus estimates forecasted a reading of 215,000 claims. The previous week’s figure was unrevised at 213,000.
Spot gold continued its decline on the session following the 8:30 am release, and last traded at $4,604.33 per ounce for a loss of 4.44% 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 210,750 following the previous week's revised average of 211,500, and against expectations for 213,750.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.857 million during the week ending March 7 against expectations for 1.850, and above the previous week’s revised 1.847 million level.
