(Kitco News) - Gold prices are near session lows on Thursday morning following the release of better than expected labor market data after the number of Americans filing new claims for unemployment benefits came in below economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 208,000 for the week ending July 11, the Labor Department announced on Thursday. The number was below expectations, as consensus estimates forecasted a reading of 217,000 claims. The previous week’s figure was revised to 216,000 from 215,000.
Spot gold was trading at session lows shortly before the 8:30 am ET data release, and last traded at $4,022.95 per ounce for a loss of 0.93% 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 214,250 against expectations for 216,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.805 million during the week ending July 4 against expectations for 1.820, and following the previous week’s upwardly revised 1.821 million level.
