Gold prices down the session as weekly jobless claims fall to their lowest level in 50 years


(Kitco News) – The US labor market continues to gain momentum, bringing gold prices down per session, while the Labor Department reported stronger than expected unemployment claims.

Initial weekly jobless claims in the United States fell from 10,000 to 202,000, seasonally adjusted data from the week to Saturday, the Labor Department said Thursday.

"This is the lowest level for initial claims since December 6, 1969, when it was 202,000," the report says.

Consensus expectations gathered by various media outlets had suggested that the number of initial applications was around 216,000. The government revised the report from the previous week, increasing from 1,000 to 212,000.

At the same time, the four-week moving average of new claims for compensation – often seen as a more reliable measure of the labor market since it reduces volatility from one week to the next. other – decreased from 4,000 to 231,500.

The number of people who are already receiving benefits and who are reported with a delay of one week has decreased by 38,000, to reach 1,717 million seasonally adjusted during the week ending March 23, announced the government.

Gold prices were under pressure before the report was released, as investors continued to feel better in the financial markets. The data put additional pressure on the yellow metal during the initial reaction; The latest gold futures in June traded at $ 1,287.60 an ounce, down 0.59% on the day.

Warning: The opinions expressed in this article are those of the author and may not reflect those of the author. Kitco Metals Inc. The author has endeavored to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes. This is not a solicitation to exchange merchandise, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept liability for losses and / or damage resulting from the use of this publication.

Source link