Thursday, the U.S. Labor Department said that weekly jobless claims rose by 6,000 to 227,000, up from the previous week's unrevised estimate of 221,000 claims.
The latest labor market data was relatively in line with expectations. According to consensus forecasts, economists were expecting to see jobless claims rise at a faster pace to 226,000. 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 – fell to 228,250, a decrease of 5,500 claims from the previous week's revised average.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.7 million during the week ending July 22 rising by 21,000 from the previous week's revised level. The gold market is not seeing a lot of significant price action in reaction to the latest labor market data as prices hold critical support levels. December gold futures last traded at $1,971 an ounce, down 0.20% on the day.
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