(Kitco News) - Gold prices are trading at session lows on Thursday morning following the release of worse than expected labor market data after the number of Americans filing new claims for unemployment benefits came in above economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 200,000 for the week ending November 7, the Labor Department announced on Thursday. The number was above expectations, as consensus estimates forecasted a reading of 195,000 claims. The previous week’s figure was revised to 191,000.
Spot gold was setting fresh session lows following the 8:30 am ET data release, and last traded at $3,903.98 per ounce for a loss of 2.11% 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 195,250, against expectations for 192,500 and following the previous week’s revised 195,250 level.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.697 million during the week ending October 31 against expectations for 1.710, and following the previous week’s revised 1.717 million level.
