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(Kitco News) – Gold prices are relatively stable above $ 1,700, as fewer American workers apply for weekly unemployment benefits at the slowest pace seen so far this year.
On Thursday, the US Department of Labor said weekly unemployment claims fell by 42,000 to 712,000, down from the previous week’s upward revised estimate of 754,000 claims.
The latest labor market data significantly outperformed economists’ estimates, as consensus forecasts pointed to initial claims of around 730,000.
The gold market is seeing little reaction to the latest economic report. April gold futures traded for the last time at $ 1,728.90 an ounce, up 0.41% on the day.
The four-week moving average for new claims – often seen as a more reliable measure of the job market as it levels week-to-week volatility – dropped to 759,000, down 34,000 orders the previous week.
Continuing unemployment insurance claims, which represent the number of people already receiving benefits, were 4.144 million during the week ending February 27, down 193,000 from the previous week.
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