(Kitco News) - Gold prices briefly rose back above $4,000 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 215,000 for the week ending June 20, the Labor Department announced on Thursday. The number was below expectations, as consensus estimates forecasted a reading of 225,000 claims. The previous week’s figure was revised to 227,000 from 226,000.
Spot gold shot back above $4,000 per ounce immediately after the data release, and last traded at $3,996.11 per ounce for a loss of 0.08% 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 224,250 against expectations for 226,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.821 million during the week ending June 13 against expectations for 1.800, and following the previous week’s revised 1.800 million level.
