Gold price trades just below $1,800 as U.S. weekly jobless claims decline to 293,000

(Kitco News) The initial weekly jobless claims declined 36,000 to 293,000 in the week to Saturday, beating market expectation sand marking a fresh pandemic low.

Economists' consensus calls projected for initial claims to come in at 319,000 following the revised level of 329,000 reported in the previous week.

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 - decreased to 334,250. This also marked the lowest level since March 14, 2020. Last week's four-week moving average was revised up to 344,750, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 2,593,000 during the week ending October 2, a decrease of 134,000 from the previous week's revised level of 2,727,000. The four-week moving average dropped to 2,737,750. "This is the lowest level for this average since March 21, 2020, when it was 2,071,750," the report noted.

Traders monitor jobs data closely to gauge how it might impact the Federal Reserve's monetary policy.

Gold edged down to just below the $1,800 an ounce level but was still trading near daily highs. At the time of writing, December Comex gold futures were trading at $1,799.80, up 0.28% on the day.

By Anna Golubova

For Kitco News

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