Spot gold trades near session lows after U.S. weekly jobless claims fall to 224k

(Kitco News) – Gold prices traded close to 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 224,000 for the week ending August 9, the Labor Department announced on Thursday. The number was lower than expectations, as consensus estimates forecasted a reading of 228,000 claims. The previous week’s figure was revised up to 227,000.

Spot gold fell back near session lows following the 8:30 am EDT data, and last traded at $3,347.91 per ounce for a loss of 0.22% 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 221,750 against expectations for a 223,000 reading, and following the previous week’s revised average of 221,000.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.953 million during the week ending August 2, lower than the expected 1.960 million reading and the previous week’s downwardly revised 1.968 million level.