(Kitco News) - Gold prices were holding in positive territory following the release of in-line labor market data after the number of Americans filing new claims for unemployment benefits was slightly lower than economists’ forecasts.
Initial claims for state unemployment benefits came in at seasonally adjusted 212,000 for the week ending February 21, the Labor Department announced on Thursday. The number was lower than expectations, as consensus estimates forecasted a reading of 215,000 claims. The previous week’s figure was revised up to 208,000.
Spot gold continued to trade in marginally positive territory on Thursday morning, and last traded at $5,171.33 per ounce for a gain of 0.14% on the session.
Meanwhile, 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 – came in at 220,250 following the previous week's revised average of 219,500, and against expectations for 221,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.833 million during the week ending February 14, lower than the previous week’s revised 1.864 million level and the 1.860 million expected.
