(Kitco News) – The gold market continues to see some selling pressure with prices below $1,900 an ounce even as significantly more Americans than expected applied for unemployment benefits last week.
Thursday, the Labor Department said that 898,000 million Americans filed for first-time U.S. jobless claims in the week to Saturday an increase of 53,000 from the previous week’s revised level. The data missed expectations. According to consensus forecasts, economists were expecting a reading around 810,000 claims.
The report also said that the previous week’s level was revised up by 5,000 from 840,000 to 845,000.
In recent days, the gold market has struggled to find or attract sustainable buying momentum and the latest disappointing economic data is not having an impact in initial reaction. December gold futures last traded at $1,897.90 an ounce, down 0.5% 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 – came in at 866,250 claims up 8,000 from the previous week.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, rose to 10.018 million for the week ending Oct. 3 Continuing claims rose 1.165 million from the previous week, the government said.
Author: Neils Christensen