(Kitco News) – The gold market is seeing some new buying momentum as the U.S. The U.S. labor market continues to struggle as applications for weekly unemployment benefits remains significantly elevated.

Thursday, the Labor Department said that 884,000 Americans filed for first-time U.S. jobless claims in the week to Saturday an increase of unchanged from the previous week’s revised level.

The U.S. economy continues to feel the economic impact of the spreading COVID-19 pandemic. Although initial claims remain below the 1-million mark, the data was worse than expected as consensus forecasts call for a drop to 838,000 claims.

December gold futures last traded at $1,965.50 an ounce, up 0.55% on the day. Ahead of the report gold futures were relatively unchanged on the day.

The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smooths out week-to-week volatility – was 970,750, a decrease of 21,750 claims from the previous week.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, rose to 13.385 million, for the week ending Aug. 29. Continuing claims rose by 93,000 claims from the previous week, the government said.

Author: Neils Christensen

Source: Kitco: Gold price jumps as 884K Americans file for unemployment benefits

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