The gold market has maintained robust gains above a critical resistance threshold, buoyed by ongoing challenges in the U.S. labor market as initial unemployment claims remain stubbornly high.
According to the Labor Department’s latest report on Thursday, initial claims for state unemployment benefits edged up by 4,000 to 238,000 for the week ending June 29, aligning with economists’ expectations. The data underscores ongoing difficulties in the labor market despite broader economic indicators.
The persistent labor market struggles have provided additional impetus to the gold market, with August gold futures trading at $2,363.50 per ounce as of the latest update, marking a 1.29% increase for the day.
The combination of elevated unemployment claims and their impact on economic sentiment continues to shape market dynamics, reinforcing gold’s appeal as a safe-haven asset amid economic uncertainty.
