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Gold price ignores another pandemic low in U.S. weekly jobless claims

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May 27, 2021 Precious Metals News Comments Off on Gold price ignores another pandemic low in U.S. weekly jobless claims



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(Wallace Refiners) – Another week, and another new pandemic low in the U.S. labor market as fewer American workers apply for first-time unemployment benefits.

Weekly jobless claims have risen less than expected in five out of the last six weeks. Thursday the U.S. Labor Department said that weekly jobless claims fell by 38,000 to 406,000, down from the previous week’s unrevised estimate of 444,000 claims.

The latest labor market data was better than expected as consensus forecasts looking for claims to rise to 427,000.

However, the latest employment data is not having much impact on the gold market. June gold futures last traded at $1,986.60 an ounce, down 0.24% on the day.

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 – fell to 504,750 down by 46,000 claims from the previous week.

“This is the lowest level for this average since March 14, 2020 when it was 225,500,” the report said.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 3.642 million during the week ending May 15, down by 6,000 fr9om the previous week’s revised level.



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.



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