Gold prices at session lows after U.S. weekly jobless claims fall to 236k

(Kitco News) – Gold prices are trading at session lows following the release of better-than-expected labor market data after the number of Americans filing new claims for unemployment benefits was below economists’ forecasts.

Initial claims for state unemployment benefits came in at seasonally adjusted 236,000 for the week ending June 21, the Labor Department announced on Thursday. The number was better than expectations, as consensus estimates forecasted a reading of 245,000 claims. The previous week’s figure was revised up to 246,000.

Spot gold fell following the 8:30 am EDT release, and last traded at $3,331.86 per ounce for a loss of 0.01% on the session.

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 245,000 against expectations for a 247,000 reading, and following the previous week’s revised average of 245,750.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.974 million during the week ending June 14, higher than the expected 1.950 million reading and above the previous week’s revised 1.937 million level.