(Kitco News) - Gold prices were continuing to close in on their overnight highs on Thursday morning following the release of worse-than-expected labor market data after the number of Americans filing new claims for unemployment benefits were above economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 214,000 for the week ending April 18, the Labor Department announced on Thursday. The number was above expectations, as consensus estimates forecasted a reading of 212,000 claims. The previous week’s figure was revised up to 208,000 from 207,000.
Spot gold continued to rise closer to session highs after spiking to $4,753.79 just after 9:00 pm, and last traded at $4,739.28 per ounce for a flat performance 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 210,750 following the previous week's revised average of 210,000, and against expectations for 219,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.821 million during the week ending April 11 against expectations for 1.820, and also below the previous week’s downwardly revised 1.809 million level.
