Gold price under pressure as U.S. weekly jobless claims total 965,000

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(Kitco News) The initial weekly jobless claims increased by 181,000 to 965,000 in the week to Saturday, disappointing market expectations.

Economists’ consensus called for initial claims to come in at 795,000, following the revised level of 784,000 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 – increased to 834,250, from last week’s revised average of 816,000, the U.S. Labor Department said on Thursday.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 5,271,000 during the week ending January 2, up by 199,000 from the previous week’s unrevised level of 5,072,000. The four-week moving average dropped to 5,215,750.

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

Gold edged down after the data release, with prices continuing to trade under pressure. February Comex gold futures were last trading at $1,837.30, down 0.95% on the day.