Spot gold is priced at $4,436 per ounce as U.S. weekly jobless claims increase to 210,000

Gold Prices Remain Low After Labor Market Data Release

On Thursday morning, gold prices hovered near their lowest levels of the session, following the publication of labor market figures that matched analysts’ predictions. The number of Americans submitting new applications for unemployment benefits aligned precisely with what economists had anticipated.

According to the Labor Department, for the week ending March 21, initial applications for state unemployment assistance totaled a seasonally adjusted 210,000. This result matched the consensus forecast, which also called for 210,000 claims. The prior week’s total remained unchanged at 205,000.

After the data was released at 8:30 am, spot gold continued to trade close to its session low of $4,412.44. The most recent trade saw gold at $4,436.19 per ounce, reflecting a 1.57% decline for the day.

The four-week average for new unemployment claims—a metric considered to provide a steadier view of labor market trends by smoothing out short-term fluctuations—stood at 210,500. This was slightly below the previous week’s unrevised average of 210,750 and under the expected 212,000.

As for ongoing unemployment claims, which count individuals currently receiving benefits, the total reached 1.819 million for the week ending March 14. This figure was lower than the anticipated 1.850 million but higher than the revised 1.851 million reported for the prior week.