(Kitco News) - Although gold prices have retreated from their overnight high above $4,300 an ounce, the market is holding solid support above $4,200 an ounce even as the U.S. labor market continues to show resilience, with the number of Americans filing first-time unemployment claims remaining below a key level.
Initial claims for state unemployment benefits rose by 1,000 to a seasonally adjusted 199,000 for the week ending Aug. 1, the Labor Department announced Thursday. The figure was broadly in line with expectations, as consensus forecasts called for 203,000 claims. The previous week's reading was revised up by 1,000 to 198,000.
This marks the third consecutive week that jobless claims have remained below 200,000, the longest such streak since March 2023.
The latest labor market data is having little impact on gold, as investors continue to digest Wednesday's disappointing job gains reported by private-sector payroll processor ADP. The company said that the private sector added just 44,000 jobs in July.
Spot gold last traded at $4,265.60 an ounce, up 0.45% on the day.
