Gold prices largely ignore stable labor market data as U.S. weekly jobless claims rise to 204K

📆 28-09-23 17:47:00
📰 KitcoNewsNOW

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(Kitco News) - The gold market is ignoring stable labor market data as it sees some modest technical bargain hunting after Wednesday’s drop to a 6.5 month low.

Thursday, the U.S. Labor Department said that weekly jobless claims increased by 2,000 to 204,000 during the week ending Sept. 23, up from the previous week's revised estimate of 202,000 claims.

The gold market is not seeing much reaction to the latest economic data. December gold futures last traded at $1,896.30 an ounce, up 0.26% on the day. According to some analysts the gold market is attracting some technical buying after prices dropped to their lowest level since March on Wednesday. Last week, Federal Reserve Chair Jerome Powell was fairly clear that the central bank needs to see some cooling in the labor market, as a sign that inflation is under control, before it shifts its current monetary policy stance.

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