Gold Price Rises As Weekly US Unemployment Claims To Pass One Million Again

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Editor’s Note: In just a few minutes, discover our quick summary of the must-see news and expert opinions that have moved precious metals and financial markets. Register here!(Kitco News) The first weekly jobless claims rose from 135,000 to 1.106 million in the week of Saturday, disappointing market expectations.
The consensus among economists called for initial claims to reach 925,000 after claims fell below one million the previous week. The previous week’s level has also been revised to 971,000.
The four-week moving average of new claims – often seen as a more reliable measure of the labor market because it flattens week-to-week volatility – fell to 1,175,750, compared to the revised average of 1,254,750 for the last week, the US Department of Labor said Thursday. .
Continuing unemployment claims, which represent the number of people already receiving benefits, were 14,844,000 in the week ending August 8, down 636,000 from the revised level of 15,480,000 for the week. former. The four-week moving average fell to 15,841,250.
Traders are watching jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee is changing monetary policy.
Gold prices edged up as a result of the data, but were still down that day. December’s Comex gold futures traded for the last time at $ 1,950.80 an ounce, down more than 1% on the day.

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