Gold prices continued to rise as weaker-than-expected labor market data showed that the number of Americans filing new claims for unemployment benefits was higher than economists had expected.
The U.S. Labor Department said on Thursday that initial jobless claims rose to a seasonally adjusted 226,000 for the week ended Aug. 2. That was higher than forecasts, with analysts expecting 220,000. The previous week's figure was also revised up to 219,000.
Meanwhile, the four-week average of new claims, a more reliable measure of the labor market because it strips out weekly fluctuations, came in at 220,750, below the forecast of 222,000 and compared with the previous week's adjusted average of 221,250.
Continuing jobless claims - which reflect the number of people receiving benefits - came in at 1.974 million for the week ended July 26, above forecasts of 1.947 million and the previous week's revised 1.936 million.
Weaker-than-expected US labor market developments are adding to gold's upside as investors bet the Federal Reserve will soon shift to a dovish stance to support growth.
The U.S. Labor Department said on Thursday that initial jobless claims rose to a seasonally adjusted 226,000 for the week ended Aug. 2. That was higher than forecasts, with analysts expecting 220,000. The previous week's figure was also revised up to 219,000.
Meanwhile, the four-week average of new claims, a more reliable measure of the labor market because it strips out weekly fluctuations, came in at 220,750, below the forecast of 222,000 and compared with the previous week's adjusted average of 221,250.
Continuing jobless claims - which reflect the number of people receiving benefits - came in at 1.974 million for the week ended July 26, above forecasts of 1.947 million and the previous week's revised 1.936 million.
Weaker-than-expected US labor market developments are adding to gold's upside as investors bet the Federal Reserve will soon shift to a dovish stance to support growth.
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