Gold extends loss after U.S. jobless claims fall 4,000 to 211,000

New York (Mar 12)  Gold extended early losses after Labor Department data Thursday showed that initial weekly U.S. jobless claims fell by 4,000 to a seasonally adjusted 211,000 in the week to Saturday. Spot gold was last down $23.40 to $1,611.40 an ounce.

The report came out at the same time as a lower-than-expected Producer Price Index.

Consensus expectations compiled by various news organizations had called for initial claims to be around 218,000 to 220,000. The government revised the prior week’s tally to 215,000 from the previously reported 216,000.

Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smooths out week-to-week volatility – was up 1,250 claims to 214,000.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 11,000 to a seasonally adjusted 1,722,000 during the week ending Feb. 29, the government said.

KitcoNews