(Kitco News) – The gold market remain anchored around $1,800 an ounce following stronger than expected labor market data as fewer American workers applied for initial unemployment benefits last week.
Thursday, the U.S. Labor Department said that weekly jobless claims fell by 23,000 to 238,000, down from previous week’s revised estimate of 261,000 claims.
The data was better than expected with consensus forecasts calling for claims around 245,000.
The latest employment data creating a little selling pressure gold prices. April gold futures last traded at $1,804.20 an ounce, down 0.32% on the day.
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 – rose to 255,000, up by 51,000 claims from the previous week.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.628 million during the week ending Jan. 22, falling by 44,000 from the previous week’s revised level.
