(Kitco News) - Gold prices are trading higher after reclaiming $4,100 on Thursday morning 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 215,000 for the week ending July 4, the Labor Department announced on Thursday. The number was below expectations, as consensus estimates forecasted a reading of 218,000 claims. The previous week’s figure was revised to 217,000 from 215,000.
Spot gold shot to a session high of $4,120.16 per ounce shortly before the 8:30 am ET data release, and last traded at $4,112.10 per ounce for a gain of 0.86% on the daily chart.
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 218,750 against expectations for 220,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.814 million during the week ending June 27 against expectations for 1.820, and following the previous week’s downwardly revised 1.806 million level.
