Gold Prices Within Striking Distance Of $2700 Oz

As US jobless claims drop to 241K

(October 17, 2024 - Neils Christensen)

Gold is off its all-time record highs but still remains within striking distance of $2,700 an ounce as the number of American workers applying for first-time unemployment benefits falls in line with expectations.

Initial claims for state unemployment benefits fell by 19,000 to a seasonally adjusted 241,000 for the week ending Oct. 12, the Labor Department announced on Thursday.

The U.S. labor market is showing signs of volatility as the previous week saw a massive increase. Last week’s employment numbers were revised up by 2,000 to 258,000. Although initial claim numbers have dropped from last week’s nearly one-year high, labor market data remains elevated. At the start of the month, claims were below 200,000.

The gold market is not seeing much reaction to the latest labor market data. December gold futures last traded at $2,693.40 an ounce.