Gold Holds Gains After U.S. Jobless Claims Rise 3,000 To 224,000
Editor's Note: Updating earlier story with more details from report.
(Kitco News) - Goldmoved little - hanging on to overnight gains -- after Labor Department dataThursday showed that initial weekly U.S. jobless claims rose by 3,000 to aseasonally adjusted 224,000 in the week to Saturday.
Consensusexpectations compiled by various news organizations had called for initialclaims to be around 215,000. The government revised the prior week's tally to 221,000from the previously reported 216,000.
As of 8:37 a.m. EST, spot gold wastrading $5.40 higher for the day at $1,226.50 an ounce. Two minutes ahead ofreports on jobless claims and orders for durable goods, the metal was at $1,225.20.
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 -was up 2,000 claims to 218,500.
Continuingjobless claims, the number of people already receiving benefits and reportedwith a one-week delay, decreased by 2,000 to a seasonally adjusted 1,688,000during the week ending Nov. 10, the government said.
Tradersmonitor jobs data closely to gauge how aggressively the U.S. Federal OpenMarket Committee alters monetary policy.
By Allen SykoraFor Kitco News
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