Gold & Silver Test Support Levels On Job News

GOLD

While still under pressure, Gold prices have bounced off their session lows as the U.S. labor market appears to be losing momentum as the number of workers applying for first-time unemployment benefits jumps.

Thursday, the U.S. Labor Department said that weekly jobless claims increased by 9,000 to 224,000 during the week ending Jan 27, up from the previous week's revised estimate of 215,000 claims.

The number was higher than the consensus forecast, as economists were expecting to see jobless claims hold relatively steady at around 213,000.

At 11am PT today, Gold is trading at $2,059 per ounce, up $9.

SILVER

While we wait for the FOMC results and press conference Silver markets have drifted lower. But Silver looks like it’s trying to get its second wind and pull itself back up to the key support level.

At 11am PT today, Silver is trading at $23.31 per ounce, up $0.11.