Gold prices remained largely unchanged and traded flat as the number of initial jobless claims in the United States rose from the previous week, according to data released by the U.S. Labor Department.
On Thursday, the department reported a 12,000 increase in weekly jobless claims, reaching 218,000 for the week ending December 23. This marked a rise from the revised estimate of 206,000 claims reported in the preceding week. The figure exceeded the consensus forecast, as economists had anticipated jobless claims to reach around 211,000.
Despite the higher-than-expected jobless claims, the gold market exhibited minimal reaction to the employment data. Spot gold was virtually unchanged on the daily chart, trading at $2,078.36 per ounce in the minutes following the release, reflecting a marginal 0.05% increase on the day.
The four-week moving average for new claims, often considered a more reliable measure due to its ability to smooth week-to-week volatility, decreased to 212,000. This was a slight decline from the previous week’s revised average of 212,250.
Continuing jobless claims, representing the number of individuals already receiving benefits, stood at 1.875 million for the week ending December 16. This was an increase of 14,000 compared to the previous week’s revised level of 1.861 million. Despite the uptick in continuing claims, the overall reaction in the gold market remained subdued.
