Gold prices edged lower Thursday after a stronger-than-anticipated labor market report revealed fewer Americans filing for unemployment benefits last week than initially forecasted.
According to the U.S. Labor Department, initial jobless claims dropped to a seasonally adjusted 219,000 for the week ending September 14, defying predictions of 230,000 claims. This marks a slight improvement from the previous week’s tally of 231,000.
In response to the labor market data, the gold market saw a mild selloff, although prices remain elevated, gaining over 1% for the session. As of the latest reading, spot gold traded at $2,587.41 per ounce, up 1.10% on the day.
The four-week moving average of jobless claims—a more stable indicator that smooths out weekly fluctuations—came in at 227,500, lower than the anticipated 233,000 and down from the prior week’s average of 231,000.
Continuing claims, which track the number of individuals receiving ongoing unemployment benefits, fell to 1.829 million for the week ending September 7. This figure came in below the forecasted 1.850 million and represented a slight decline from the revised 1.843 million reported the previous week.
Despite the positive labor data, which typically pressures gold due to reduced safe-haven demand, the precious metal remained buoyed by broader market conditions.
