Spot Gold Back Above $3,037/oz After U.S. Weekly Jobless Claims Rise To 223k

(March 20, 2025 - Ernest Hoffman, Kitco News)

(Kitco News) - Gold prices are trading near the middle of their daily range following the release of better-than-expected labor market data after the number of Americans filing new claims for unemployment benefits came in below economists’ forecasts.

Initial claims for state unemployment benefits rose to a seasonally adjusted 223,000 for the week ending March 15, the Labor Department announced on Thursday. The number was slightly below expectations, as consensus estimates forecasted a reading of 224,000 claims. The previous week’s figure was revised up to 221,000.

The gold market continued to trade near the middle of its daily range following the 8:30 a.m. EST release. Spot gold last traded at $3,037.00 per ounce for a loss of 0.34% on the session.

Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – came in at 227,000 against expectations for 229,000, and above the previous week's revised average of 226,250.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.892 million during the week ending March 8, higher than the expected 1.880 million reading and also above the previous week’s 1.859 million level.