U.S. Jobless Claims Fall to 194,000 as Gold Slides 1.5% Below $4,100
Updated
Updated · Kitco NEWS · Oct 22
U.S. Jobless Claims Fall to 194,000 as Gold Slides 1.5% Below $4,100
3 articles · Updated · Kitco NEWS · Oct 22
Summary
194,000 Americans filed initial jobless claims in the week ended Oct. 17, below the 200,000 forecast and the lowest level since late July.
Gold fell 1.5% to $4,076 an ounce after the data reinforced views that the labor market remains firm enough for the Federal Reserve to keep a tightening bias.
The four-week average slipped to 197,750, but continuing claims rose to 1.728 million, suggesting layoffs remain low while unemployed workers are taking longer to find jobs.
Analysts said bullion now needs to hold $4,000 support because a break lower would signal markets are pricing sticky inflation, higher yields and a stronger dollar rather than rate relief.
Geopolitical tension is offering limited support as oil-driven inflation risks could leave central banks less room to cut rates unless a deeper shock triggers a broad flight to safety.