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(Kitco News) – Gold prices are holding up as the US job market continues to see significant improvement as fewer American workers have applied for weekly unemployment benefits. While gold is maintaining solid support, prices remain well below the psychologically important critical level of $ 1,900 an ounce.
The U.S. Department of Labor said on Thursday that weekly unemployment claims fell from 48,000 to 709,000. The data was better than expected; market consensus required initial requests to be around 730,000.
The four-week moving average for new claims – often seen as a more reliable measure of the job market as it flattens week-to-week volatility – fell to 755,250, down 33,250 from the previous week.
Claims, which represent the number of people already receiving benefits, were at 6.786 million in the week ending October 31, down 436,000 from the previous week.
The gold market is seeing little movement following stronger-than-expected employment data. December gold futures were last trading at $ 1,872.10 per ounce, up 0.5% on the day.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee this accuracy. This article is for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no liability for loss and / or damage resulting from the use of this publication.
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