(Kitco News) - The gold market continues to tread water near its overnight five-month lows as U.S. labor market data provides little insight into the health of the economy.
Thursday, the U.S. Labor Department said that weekly jobless claims fell by 11,000 to 239,000, down from the previous week's revised estimate of 248,000 claims.
The latest labor market data was relatively in line with expectations. According to consensus forecasts, economists were expecting to see jobless claims fall to 240,000. The in line economic data is not providing much direction for gold prices. December gold last traded at $1,930.10 an ounce, up 0.10% 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 – rose to 234,250, an increase of 2,750 claims from the previous week's revised average. Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.716 million during the week ending Aug. 5 rising by 32,000 from the previous week's revised level.
France Dernières Nouvelles, France Actualités
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