Gold prices at session prices as weekly jobless claims fall to 50 years low
– The US labor market continues to build momentum and push gold prices into races, as the Ministry of Labor reported stronger than expected unemployed claims.
The first weekly US unemployed claims dropped by 10,000 to a seasonally adjusted 202,000 a week until Saturday, the Ministry of Labor reported on Thursday.
"This is the lowest level of initial requirements since December 6, 1969 when it was 202,000," the report said.
Consensus expectations prepared by various news organizations had requested that initial claims be around 216,000. The government last week revised the report by 1000 to 212,000 claims.
At the same time, the four-week moving average for new demands ̵[ads1]1; often seen as a more reliable target in the labor market, since it provides a regular offset in the week – fell by 4,000 claims to 231,500. The number of people who are already receiving benefits and reported with a week's delay fell by 38,000 to a seasonally-adjusted 1.717 million during the week ending March 23, the government said.
Gold prices were under pressure in front of the report, as the improvement of investor sentiment continues to flow through the financial markets. The data put additional sales pressure on the yellow metal in the first reaction; June gold futures last traded at $ 1,287.60 a ounce, down 0.59% on the day.
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