Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Wallace Refiners) – The gold market is holding on to strong gains but seeing little reaction as more U.S. workers apply for first-time unemployment benefits than expected.
Thursday, Thursday, the Labor Department said that 751,000 Americans filed for first-time U.S. jobless claims in the week to Saturday, a decrease of 7,000 from the previous week’s revised level. Last week’s data was revised up by 7,000 to 751,000.
Although claims dropped last week, they still missed consensus forecasts; economists were expecting to see claims of around 740,000.
The latest employment data is not having much impact on gold prices as the market starts to move past the recent election turmoil. December gold futures last traded at $1,931.20 an ounce, up almost 2% on the day.
The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smooths out week-to-week volatility – was 787,000, down 4,000 claims from the previous week.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, fell to 7.3 million, for the week ending Oct. 24. Continuing claims dropped down 538,000 from the previous week.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals 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. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.