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 seeing little reaction to more volatility in the U.S. labor market as more Americans applied for unemployment benefits.
Thursday the U.S. Labor Department said that weekly jobless claims rose 45,000 to 770,000, up from the previous week’s upwardly revised estimate of 725,000 claims.
The latest labor market data missed economists’ estimates as consensus forecasts called for initial claims to be round 704,000.
The gold market is seeing little reaction to the latest economic report as it trades in neutral territory. April gold futures last traded at $1,728 an ounce, up 0.08% 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 25746,0, down by 16,000 claims from the previous week.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 4.124 million during the week ending March 6 down by 18,000 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.