(Kitco News) - Gold prices were holding in positive territory following the release of better-than-expected labor market data after the number of Americans filing new claims for unemployment benefits was lower than economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 206,000 for the week ending February 14, the Labor Department announced on Thursday. The number was lower than expectations, as consensus estimates forecasted a reading of 225,000 claims. The previous week’s figure was revised up to 229,000.
Spot gold was carving out a new elevated daily range between $4,976 and $5,020 on Thursday morning, and last traded at $4,990.73 per ounce for a gain of 0.27% on the session.
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 219,000 following the previous week's revised average of 220,000, and against expectations for 214,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.869 million during the week ending February 7, higher than the previous week’s revised 1.852 million level and the 1.860 million expected.
