|Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day’s top stories directly to your inbox. Sign up here!|
(Kitco News) – The gold market remains in positive territory but has fallen from its session highs following stronger-than-expected labor market data as the number of American workers applying for first-time unemployment benefits remains near its lowest level in a month.
Thursday, the U.S. Labor Department said weekly jobless claims fell by 1,000 to 191,000, down from the previous week’s unrevised estimate of 192,000 claims.
The latest labor market data beat expectations as economists were looking for claims to remain to rise to 198,000.
The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – rose by 250 claims to 196,250, up from the previous week’s unrevised average of 196,500.
Continuing jobless claims, representing the number of people already receiving benefits, were at s 1.694 million during the week ending March 11, rising by 14,000 from the previous week’s revised level.
Investors remain laser focused on the U.S. labor market, which has remained persistently strong as recession risks have risen.
Wednesday, after raising interest rates by 25 basis points, Federal Reserve Chair Jerome Powell, said that the labor market remains too tight, which could continue to support higher inflation.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Read the full article here