Gold prices remain in negative territory after weekly jobless claims beat expectations

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(Kitco News) The US labor market continues to improve as fewer workers than expected have applied for unemployment benefits for the first time.

The gold market remains under pressure in negative territory after better than expected economic data.

The US Labor Department said Thursday that weekly jobless claims rose by 28,000 to 222 thousand. The previous week’s estimate was revised down to 194,000 claims.

The latest labor market data slightly beat market expectations as economists were looking for a copy of about 238,000 claims.

The four-week moving average of new claims – often seen as a more reliable measure of the labor market since it evens out weekly volatility – fell to 238,750, down 12,250 claims from the previous week.

The gold market was in negative territory before the latest unemployment figures and has remained relatively unfazed by the numbers. Gold futures for February were trading at $1,774.70 an ounce, down 0.54% on the day.

Continuing unemployment claims, which represent the number of people already receiving benefits, have reached an important turning point as they have fallen to the level of a new pandemic. Continuing claims fell to 1.956 million during the week ending November 20, down 107,000 from the previous week’s revised level.

This is the lowest level of insured unemployment since March 14, 2020, when it was 1,770,000.”

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