Gold Prices Unchanged FollowingIn Line Jobless Claims Data
(Kitco News)- TheU.S. labor market is holding steady as the Labor Department report showed thatweekly U.S. jobless claims dropped by 1,000 to 230,000 claims in the weekto Saturday.
Thedata was in line with consensus expectations. The government revised theprevious week's data down by 2,000 claims to 231,000.
Meanwhile,the four-week moving average for new claims - often viewed as a more reliablemeasure of the labor market since it smoothens out week-to-week volatility -dropped by 5,000 claims to 234,500.
Thegold market is seeing little reaction to thedata withprices holding above key support levels. April gold futures last traded at $1,341.70an ounce, relatively flat on the day.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 13,000 claims to a seasonally adjusted 1.953 million during the week ending Jan. 20, the government said.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.
By Neils ChristensenFor Kitco News
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