Gold Unfazed As U.S. Weekly Jobless Claims Rise 7,000 To 230,000
Editor's Note: Updating earlier story to include more details from report, prices.
(Kitco News) - Gold prices moved little after initial weekly U.S. jobless claims climbedby 7,000 to a seasonally adjusted 230,000 in the week to Saturday, accordingto a Thursday Labor Department report.
Consensusexpectations compiled by various news organizations called for initial claimsto be around 230,000. The government revised the prior week's tally to 223,000claims from the previously reported 221,000.
Shortly after the 8:30 a.m. EST data on jobless claims and astronger-than-expected report on the ProducerPrice Index, Comex Aprilgold was trading down 0.21% for the day to $1,355.40an ounce. Around four minutes ahead of the report, the metal was at $1,354.10.
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 by 3,500 claims to 228,500.
Continuingjobless claims, the number of people already receiving benefits and reportedwith a one-week delay, increased by 15,000 to a seasonally adjusted 1,942,000during the week ending Feb. 3, the government said. The four-week movingaverage fell by 5,750 to 1,941,250.
Claims-taking proceduresin Puerto Rico and in the Virgin Islands have still not returned to normal,following storms last year, 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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