(Kitco News) – Gold prices coming off their recent lows on Thursday morning following the release of steady labor market data after the number of Americans filing new claims for unemployment benefits were in line with economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 226,000 for the week ending June 13, the Labor Department announced on Thursday. The number was in line with expectations, as consensus estimates forecasted a reading of 225,000 claims. The previous week’s figure was revised to 230,000 from 229,000.
Spot gold hit a session low of $4,240.07 at 8:00 am ET, and last traded at $4,250.42 per ounce for a loss of 0.17% 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 223,250 against expectations for 223,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.810 million during the week ending June 6 against expectations for 1.800, and following the previous week’s downwardly revised 1.786 million level.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
