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Gold price tests $3,900/oz after U.S. weekly jobless claims rise to 200k
Kitco • • business
Key Points:
- Gold prices declined to session lows following the release of higher-than-expected U.S. unemployment claims data, with spot gold falling 2.11% to $3,903.98 per ounce.
- Initial jobless claims for the week ending November 7 reached 200,000, exceeding economists' forecasts of 195,000 and the previous week's revised figure of 191,000.
- The four-week moving average of new claims rose to 195,250, above the expected 192,500, indicating persistent labor market weakness despite week-to-week volatility.
- Continuing jobless claims slightly improved to 1.697 million for the week ending October 31, below expectations of 1.710 million and the prior week's revised 1.717 million.
