Gold steady after US jobless claims fall 18,000 to 234,000

New York (Dec 19)  Gold is roughly steady after Labor Department data Thursday showed that initial weekly U.S. jobless claims fell by 18,000 to a seasonally adjusted 234,000 in the week to Saturday. Spot gold was last down 20 cents to $1,474.70 an ounce.

Consensus expectations compiled by various news organizations had called for initial claims to be around 225,000 to 235,000. The government left the prior week’s tally unrevised at the previously reported 252,000.

Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility – was up 1,500 claims to 225,500.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 51,000 to a seasonally adjusted 1,722,000 during the week ending Dec. 7, the government said.

KitcoNews