Gold Still Softer After U.S. Jobless Claims Rise 12,000 To 214,000
(Kitco News) - Gold remained softer despite Labor Department data Thursday showed that initialweekly U.S. jobless claims rose by 12,000 to a seasonally adjusted 214,000in the week to Saturday.
Consensusexpectations compiled by various news organizations had called for initialclaims to be around 215,000 to 216,000. The government revised the prior week'stally to 202,000 from the previously reported 201,000.
As of 8:-- a.m. EDT, Spot gold wastrading down by $4.30 for the day to $1,189.80 an ounce. Four minutes ahead ofreports on jobless claims, orders for durable goods and revised gross domesticproduct, the metal was at $1,192.70. Gold came into the New York trading sessionwith a softer tone due to a stronger U.S. dollar, analysts said.
Asofter report on employment might normally help gold since it could mean lessfuture U.S. monetary tightening. However, the report was released at the sametime the government reported a 4.5% rise in durable-goods orders during August.
Thefour-week moving average for new jobless claims - often viewed as a morereliable measure of the labor market since it smoothens out week-to-weekvolatility - was up by 250 claims to 206,250.
Continuingjobless claims, the number of people already receiving benefits and reportedwith a one-week delay, increased by 16,000 to a seasonally adjusted 1,661,000 duringthe week ending Sept. 15, 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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asykora@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 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.