(Kitco News) - Gold prices are getting closer to the $4,450 per ounce session low 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 206,000 for the week ending August 15, the Labor Department announced on Thursday. The number was below expectations, as consensus estimates forecasted a reading of 210,000 claims. The previous week’s figure was revised to 212,000 from 209,000.
Spot gold was approaching a retest of its session low shortly after the 8:30 am ET data release, which came out at the same time as the Philly Fed index, and last traded at $4,454.74 per ounce for a loss of 1.51% 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 204,000 against expectations for 200,000 and following the previous week’s 199,750 level.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.799 million during the week ending August 8 against expectations for 1.790, and following the previous week’s revised 1.791 million level.
