(Kitco News) - Gold prices are getting closer to the $4,400 per ounce level on Thursday morning following the release of worse than expected labor market data after the number of Americans filing new claims for unemployment benefits came in above economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 209,000 for the week ending August 8, the Labor Department announced on Thursday. The number was above expectations, as consensus estimates forecasted a reading of 202,000 claims. The previous week’s figure was revised to 200,000 from 199,000.
Spot gold was attempting to reclaim $4,400 per ounce shortly after the 8:30 am ET data release, which came out at the same time as July PPI, and last traded at $4,395.10 per ounce for a loss of 0.31% 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 199,000 against expectations for 197,000 and following the previous week’s 199,000 level.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.777 million during the week ending August 1 against expectations for 1.800, and following the previous week’s downwardly revised 1.799 million level.
