(Kitco News) - Gold prices were climbing off their recent lows on Thursday morning following the release of in-line labor market data after the number of Americans filing new claims for unemployment benefits were in line with economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 209,000 for the week ending May 16, the Labor Department announced on Thursday. The number was in line with expectations, as consensus estimates forecasted a reading of 210,000 claims. The previous week’s figure was revised up to 212,000 from 211,000.
Spot gold was trading near a session low of $4,504 just before the 8:30 am ET release, and last traded at $4,513.13 per ounce for a loss of 0.67% 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 202,500 against expectations for 203,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.782 million during the week ending May 9 against expectations for 1.779, and the previous week’s revised 1.776 million level.
