(Kitco News) - Gold prices are trading near the middle of their daily range 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 197,000 for the week ending October 3, the Labor Department announced on Thursday. The number was below expectations, as consensus estimates forecasted a reading of 200,000 claims. The previous week’s figure was revised up to 199,000.
Spot gold was oscillating in the middle of its daily trading range following the 8:30 am ET data release, and last traded at $4,122.37 per ounce for a gain of 0.27% 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 198,000, in line with expectations for 198,000 and following the previous week’s revised 200,500 level.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.716 million during the week ending September 26 against expectations for 1.710, and following the previous week’s revised 1.699 million level.
