(Kitco News) - Gold prices are at session lows 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 187,000 for the week ending July 18, the Labor Department announced on Thursday. The number was below expectations, as consensus estimates forecasted a reading of 212,000 claims. The previous week’s figure was revised to 209,000 from 208,000.
Spot gold was already trading at session lows shortly before the 8:30 am ET data release, and last traded at $4,071.59 per ounce for a loss of 1.41% 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 207,500 against expectations for 213,000 and the previous week’s 214,750 level.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.796 million during the week ending July 11 against expectations for 1.809, and following the previous week’s downwardly revised 1.798 million level.
