(Kitco News) – Gold prices are trading at record lows Thursday morning following the release of worse-than-expected labor market data after the number of Americans filing new claims for unemployment benefits exceeded economists’ forecasts.
Initial claims for state unemployment benefits totaled 200,000, seasonally adjusted, for the week ending Nov. 7, the Labor Department said Thursday. This number was higher than expected, with consensus estimates predicting a figure of 195,000 claims. The previous week’s figure was revised to 191,000.
Spot gold set new session lows after the data was released at 8:30 a.m. ET and last traded at $3,903.98 an ounce, a loss of 2.11% on the daily chart.
At the same time, the four-week moving average of new claims – often considered a more reliable measure of the job market because it flattens week-to-week volatility – came in at 195,250, up from an expected 192,500 and following the previous week’s revised level of 195,250.
Jobless claims, which represent the number of people already receiving benefits, rose to 1.697 million in the week ending Oct. 31, up from an expected 1.710, and following the previous week’s revised level of 1.717 million.
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