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(Kitco News) – The gold market is seeing some technical selling but the pace of the selling has remained steady even as the labor market continues to see improvement as fewer-than-expected American workers filed for first-time unemployment benefits.
Initial claims weekly jobless claims totaled a seasonally adjusted 547,000 for the week ended April 17, the Labor Department said on Thursday, down by 39,000 claims from the previous week’s revised level. According to consensus estimates, economists were expecting to see an increase of 607,000 claims. The previous week’s numbers were revised up by up by 10,000 to 586,000 claims.
“This is the lowest level for initial claims since March 14, 2020 when it was 256,000,” the report said.
The gold market is seeing little reaction to the latest labor market data as the precious metal sees some technical selling pressure after reaching to within striking distance of $1,800 an ounce Wednesday. June gold futures last traded at $1,787.20 an ounce, down 0.33% 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 – felll to 651,00d, a decrease of 27,750 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 3.67 million during the week ending April 10 down by 34,000 from the previous week.
“This is the lowest level for insured unemployment since March 21, 2020 when it was 3,094,000,” the report said.