Spot Gold Dips To $2,625 Per Ounce After U.S. Weekly Jobless Claims Fall To 219k

(December 26, 2024 - Ernest Hoffman)

(Kitco News) - Gold prices are trading near $2,625 per ounce following the release of slightly worse-than-expected labor market data after the number of Americans filing new claims for unemployment benefits came in above economists’ forecasts.

Initial claims for state unemployment benefits fell to a seasonally adjusted 219,000 for the week ending December 21, the Labor Department announced on Thursday. The number was slightly above expectations, as consensus estimates forecasted a reading of 218,000 claims. The previous week’s figure was unrevised at 220,000.

The gold market was trading near the $2,630 level prior to the 8:30 a.m. EST release but dipped lower in the minutes afterward. Spot gold last traded at $2,625.11 per ounce for a gain of 0.32% 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  226,500 against expectations for a 226,000 print, and also above the previous week's unrevised average of 225.500.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.910 million during the week ending December 14, higher than the expected 1.875 million reading and also above the previous week’s downwardly revised 1.864 million level.