Gold market finds no traction following increase in weekly jobless claims – .

Gold market finds no traction following increase in weekly jobless claims – .

Editor’s Note: With such market volatility, stay up to date with the daily news! Discover our quick summary of must-read news and expert opinions in minutes. Register here !
(Kitco News) – Weaker-than-expected labor market data is not helping the gold market find bullish traction.

On Thursday, the US Department of Labor said weekly jobless claims rose 37,000 to 412,000, up from the previous week’s unrevised estimate of 375,000 claims.

The latest labor market data was worse than expected as consensus forecasts looked for an increase in claims to 360,000.

However, the latest employment data is not having much of an impact on the gold market. August gold futures traded for the last time at $ 1,783.6 an ounce, down more than 4% on the day. The gold market lost ground on Wednesday after the Federal Reserve’s economic projections showed the central bank was considering two interest rate hikes by 2023.

The four-week moving average for new claims – often seen as a more reliable measure of the labor market because it flattens week-to-week volatility – fell to 395,000, down 8,000 from to the previous week.

“This is the lowest level for this average since March 14, 2020, when it was 225,500,” the report said.

Continuing unemployment claims, which represent the number of people already receiving benefits, stood at 3.518 million in the week ending June 5, an increase of 1,000 from the revised level of the previous week.

Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.


Please enter your comment!
Please enter your name here