(Kitco News) - Gold prices were holding above $4,500 per ounce on Thursday morning following the release of worse-than-expected labor market data after the number of Americans filing new claims for unemployment benefits were above economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 225,000 for the week ending May 30, the Labor Department announced on Thursday. The number was above expectations, as consensus estimates forecasted a reading of 213,000 claims. The previous week’s figure was revised to 212,000 from 215,000.
Spot gold hit a high near $4,515 at 8:00 am ET, and last traded at $4,500.85 per ounce for a gain of 1.49% 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 214,750 against expectations for 208,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.777 million during the week ending May 23 against expectations for 1.780, and following the previous week’s revised 1.785 million level.
