(Kitco News) – Gold prices are holding near-term support above $3,350 per ounce following the release of better-than-expected labor market data after the number of Americans filing new claims for unemployment benefits came in below economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 228,000 for the week ending May 3, the Labor Department announced on Thursday. The number was slightly better than expectations, as consensus estimates forecasted a reading of 230,000 claims. The previous week’s figure was unrevised at 241,000.
Spot gold sold off overnight, hitting a session low of $3,320.38 just before 3 a.m. EDT, but has been climbing steadily since. Spot gold last traded at $3,350.80 per ounce for a loss of 0.40% 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 227,000 against expectations for a 230,000 reading, and following the previous week’s unrevised average of 226,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.879 million during the week ending April 26, lower than the expected 1.890 million reading and also below the previous week’s downwardly revised 1.908 million level.
Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor’s degree Specialization in Journalism from Concordia University. You can reach Ernest at 1-514-670-1339.
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