Spot Gold Falls 1.41% to $4,071.59 as US Jobless Claims Drop to 187,000
Updated
Updated · Kitco NEWS · Jul 23
Spot Gold Falls 1.41% to $4,071.59 as US Jobless Claims Drop to 187,000
1 articles · Updated · Kitco NEWS · Jul 23
Summary
$4,071.59 an ounce marked spot gold's session low Thursday morning, with the metal down 1.41% after U.S. initial jobless claims came in well below forecasts.
187,000 Americans filed new unemployment claims in the week ended July 18, versus a 212,000 consensus estimate, reinforcing signs of a stronger labor market that pressured gold.
207,500 was the four-week moving average of new claims, also below the 213,000 expected and down from 214,750 a week earlier, while continuing claims landed at 1.796 million against 1.809 million forecasts.
The data added to evidence of labor-market resilience, a backdrop that can weigh on gold by reducing demand for safe-haven assets and supporting expectations for tighter U.S. monetary conditions.