(Kitco News) - Gold prices coming off their recent lows on Thursday morning following the release of steady 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 226,000 for the week ending June 13, the Labor Department announced on Thursday. The number was in line with expectations, as consensus estimates forecasted a reading of 225,000 claims. The previous week’s figure was revised to 230,000 from 229,000.
Spot gold hit a session low of $4,240.07 at 8:00 am ET, and last traded at $4,250.42 per ounce for a loss of 0.17% 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 223,250 against expectations for 223,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.810 million during the week ending June 6 against expectations for 1.800, and following the previous week’s downwardly revised 1.786 million level.
