Gold holding its ground as the U.S. labor market remains resilient

NEW YORK (January 22) With geopolitical tensions easing, gold prices could be sensitive to better-than-expected labor market data, as weekly jobless claims show further resilience in the economy.

Initial claims for state unemployment benefits increased by 1,000 to a seasonally adjusted 200,000 for the week ended Jan. 17, the Labor Department said Thursday. The data significantly beat expectations; according to consensus estimates, economists had forecast a rise to 209,000 claims. The previous week’s claims were revised slightly higher to 199,000.

The gold market is not seeing much movement in its initial reaction as it manages to hold support above $4,800 an ounce. Spot gold last traded at $4,819.60 an ounce, down 0.24% on the day.

KitcoNews