(Kitco News) - Gold prices are trading near session highs 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 196,000 for the week ending September 12, the Labor Department announced on Thursday. The number was below expectations, as consensus estimates forecasted a reading of 208,000 claims. The previous week’s figure was unrevised at 206,000.
Spot gold was setting fresh session highs shortly before the 8:30 am ET data release, and last traded at $4,370.58 per ounce for a gain of 2.50% 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 203,250 against expectations for 206,000 and following the previous week’s 206,000 level.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.730 million during the week ending September 5 against expectations for 1.780, and following the previous week’s revised 1.769 million level.
