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Gold prices largely ignore US labor market data as weekly jobless claims drop to eight-month low

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(Kitco News) - The U.S. labor market continues to see significant bullish momentum as the number of American workers applying for first-time unemployment benefits has dropped to its lowest level since late March.

Thursday, the U.S. Labor Department said that weekly jobless claims fell by 13,000 to 198,000 during the week ending Oct. 14, down from the previous week's revised estimate of 211,000 claims.

The latest labor market data was better than expectation. According to consensus forecasts, economists were expecting to see jobless claims rise hold steady around 210,000. However, the red-hot labor market is not having much impact on the gold market as prices are holding relatively steady, seeing some mild technical selling pressure. December gold futures last traded at $1,965.50 an ounce, down 0.14% on the day.

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