Gold Unchanged Following 10K Drop In Weekly Jobless Claims
(Kitco News)-Gold prices remain under pressure and relatively unchangedon the day as initial weekly U.S. jobless claims dropped by 10,000 a seasonallyadjusted 245,000 in the week to Saturday, the government said. This was lessthan consensus forecasts.
Consensus expectations compiled by various news organizations called for initial claims to be around 241,000. The government revisedprior week's tally up by 7,000 to 255,000.
Gold prices were already showing some modest gains ahead of the report as a result of technical selling after seeing a rise to key resistance levels earlier in the week. August gold futures last traded at $1,285.60 an ounce, down 0.60% on the day.
Meanwhile, the four-week moving average for new claims -often viewed as a more reliable measure of the labor market since it smoothensout week-to-week volatility - saw a sharp drop, rose by 2,250 claims to 242,000.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 2,000 to aseasonally adjusted 1.917 million during the week ending May 27, the government said.
Traders monitor jobs data closely to gauge how aggressivelythe U.S. Federal Open Market Committee alters monetary policy.
By Neils ChristensenFor Kitco News
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nchristensen@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities,securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.  |