(Kitco News) - The gold market is holding on to strong gains for the third straight session even as fewer American workers apply for first time weekly unemployment benefits.
Thursday the U.S. Labor Department said that weekly jobless claims fell by 75,000 to 712,000, down from the previous week’s revised estimate of 787,000 claims.
The latest labor market data beat economists’ estimates as consensus forecasts called for initial claims to be round 775,000.
The gold market is seeing little reaction to the latest economic report as it continues to see strong technical buying after November’s dismal performance. February gold futures last traded at $1,841.50 an ounce, up 0.62% on the day.
After bouncing off critical support below $1,800, gold prices have rallied 3.5% in the first three days of December.
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 – fell to 739,500, down by 11,250 claims from the previous week.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 5.52 million during the week ending Nov. 21, down by 569,000 from the previous week.
According to some economists, markets are taking the latest labor market data with a grain of salt as they wait for Friday’s nonfarm payrolls report for October. According to consensus forecasts, economists are expecting that 500,000 jobs were created in November.
However, downside risks for the labor market are growing after private payrolls processing company ADP reported, Wednesday, weaker than expected job growth last month.
ADP said that 307,000 jobs were created, well below consensus forecasts calling for gains of around 433,000 jobs.
https://news.google.com/__i/rss/rd/articles/CBMicWh0dHBzOi8vd3d3LmtpdGNvLmNvbS9uZXdzLzIwMjAtMTItMDMvZ29sZC1wcmljZS1pZ25vcmVzLWJldHRlci10aGFuLWV4cGVjdGVkLVUtUy13ZWVrbHktam9ibGVzcy1jbGFpbXMtZGF0YS5odG1s0gEA?oc=5
2020-12-03 13:36:00Z
52781224096430
Tidak ada komentar:
Posting Komentar