(Kitco News) - Gold prices are getting closer to the $4,600 per ounce level 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 203,000 for the week ending August 22, 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 revised to 207,000 from 206,000.
Spot gold was coming off session lows shortly after the 8:30 am ET data release, and last traded at $4,595.00 per ounce for a gain of 0.01% 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 205,500 against expectations for 203,000 and following the previous week’s 204,250 level.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.778 million during the week ending August 15 against expectations for 1.790, and following the previous week’s revised 1.796 million level.
