Gold price holding on to solid gains as U.S. jobless claims falls to new pandemic low
(Kitco News) -The gold market is seeing a modest push higher, unfazed bysteady positive momentum in U.S. labor market.
Thursdaythe U.S. Labor Department said that weekly jobless claims fell to a new pandemiclow, dropping by 14,000 to 269,000. The previous week's estimate was revised upto 283,000 claims.
Thelatest labor market data slightly beat market expectations as economists werelooking for a print of about 273,000 claims.
Thefour-week moving average for new claims - often viewed as a more reliablemeasure of the labor market since it flattens week-to-week volatility - fell to284,750 down by 15,000 claims from the previous week.
Thegold market was holding solid gains before the latest employment data wasreleased and prices have pushed higher in initial reaction. December gold futureslast traded at $1,789.50 an ounce, up 1.45% on the day.
Continuing jobless claims, which represent the numberof people already receiving benefits also fell to a new pandemic low.Continuing claims dropped to 2.105 million during the week ending Oct. 23, down134,000 from the previous week's revised level
By Neils ChristensenFor Kitco News
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