(Kitco News) - The gold market is seeing a modest push higher, unfazed by steady positive momentum in U.S. labor market.
Thursday the U.S. Labor Department said that weekly jobless claims fell to a new pandemic low, dropping by 14,000 to 269,000. The previous week's estimate was revised up to 283,000 claims.
The latest labor market data slightly beat market expectations as economists were looking for a print of about 273,000 claims.
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 – fell to 284,750 down by 15,000 claims from the previous week.
The gold market was holding solid gains before the latest employment data was released and prices have pushed higher in initial reaction. December gold futures last traded at $1,789.50 an ounce, up 1.45% on the day.
Continuing jobless claims, which represent the number of people already receiving benefits also fell to a new pandemic low. Continuing claims dropped to 2.105 million during the week ending Oct. 23, down 134,000 from the previous week’s revised level
Gold price holding on to solid gains as U.S. jobless claims falls to new pandemic low - Kitco NEWS
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