(Kitco News) – Gold remained modestly softer after Labor Department data Thursday showed that initial weekly U.S. jobless claims fell by 1,000 to a seasonally adjusted 214,000 in the week to Saturday.
Consensus expectations compiled by various news organizations had called for initial claims to be around 210,000 to 213,000. The government revised the prior week’s tally to 215,000 from the previously reported 214,000.
As of 8:36 a.m. EDT, spot gold was trading down by $3.50 for the day to $1,222.60 an ounce. Two minutes ahead of reports on jobless claims and orders for durable goods, the metal was at $1,225.30.
Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility – was down by 250 claims to 213,750.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 8,000 to a seasonally adjusted 1,623,000 during the week ending Oct. 27, the government said.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.
By Allen Sykora
For Kitco News
Contact asykora@kitco.com
