Gold Prices Ignore 21K Rise In Weekly Jobless Claims
(Kitco News)- U.S. jobless claims have increased more than expected Thursday, the week after claims fell to their lowest point in 49 years.
The latest labor market data shows that weekly jobless claims increased by 21,000 claims to a seasonally adjusted 231,000 in the week to Saturday.
Consensus expectations of economists, as compiled by various news organizations, called for initial claims to be around 220,000. The government left the previous week's data unrevised at its lowest level since 1969. The gold market has seen little reaction to the data as prices remain relatively unchanged on the day. April gold futures last traded at $1,326.90 an ounce.
Meanwhile, the four-week moving average for new claims - often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility - increased by 2,000 claims to 222,500.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, fell by 64,000 to a seasonally adjusted 1.87 million during the week ending Feb. 24, the government said. The four-week moving average fell by 14,250 to 1.91 million claims.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.
By Kitco NewsFor Kitco News
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