(Kitco News) - Gold prices were continuing to trade near session lows on Thursday morning following the release of in-line labor market data after the number of Americans filing new claims for unemployment benefits met economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 210,000 for the week ending March 21, the Labor Department announced on Thursday. The number was exactly in line with expectations, as consensus estimates forecasted a reading of 210,000 claims. The previous week’s figure was unrevised at 205,000.
Spot gold continued to trade near the session low of $4,412.44 following the 8:30 am release, and last traded at $4,436.19 per ounce for a loss of 1.57% on the daily chart.
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 210,500 following the previous week's unrevised average of 210,750, and against expectations for 212,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.819 million during the week ending March 14 against expectations for 1.850, and above the previous week’s revised 1.851 million level.
