DISCLAIMER: GoldInvestors.news is not a registered investment, legal or tax advisor or broker/dealer. All investment/financial opinions expressed by GoldInvestors.news are from the personal research and experience of the owner of the site and are intended as educational material. Although best efforts are made to ensure that all information is accurate and up to date, occasionally unintended errors and misprints may occur.

Gold prices traded near the middle of their daily range Thursday morning after fresh United States labor data showed fewer new unemployment benefit applications than economists had forecast. The report provided a stronger than expected reading on initial claims while the precious metal remained in positive territory.

Initial claims for state unemployment benefits totaled a seasonally adjusted 197,000 for the week ending October 3, according to figures announced Thursday by the Labor Department. Consensus estimates had called for 200,000 claims, placing the reported number below market expectations.

The previous week’s initial claims figure was revised upward to 199,000. Even after that revision, the newest reading showed claims below both the revised prior level and the 200,000 consensus estimate presented ahead of Thursday’s announcement.

Spot gold moved around the center of its daily trading range following the labor report’s release at 8:30 a.m. ET. The metal was last quoted at $4,122.37 per ounce, representing a gain of 0.27% on the daily chart.

The price action left gold higher for the day even as the unemployment claims data came in better than economists had expected. Rather than trading at either end of its daily range, bullion continued to oscillate around the middle after the numbers became public.

The initial claims figure measures Americans filing new applications for state unemployment benefits. Thursday’s 197,000 reading was the central surprise in the report because it came in below the consensus forecast of 200,000.

The Labor Department’s release also included the four week moving average for new claims. That measure came in at 198,000, exactly matching expectations for a reading of 198,000 and standing below the previous week’s revised level of 200,500.

The four week moving average is often regarded as a more reliable gauge of labor market conditions because it smooths volatility from one week to the next. Unlike the headline initial claims figure, this measure produced no surprise relative to the stated consensus forecast.

Continuing jobless claims presented a somewhat different result. The number of people already receiving unemployment benefits totaled 1.716 million during the week ending September 26, compared with expectations for 1.710 million.

The previous week’s continuing claims figure was revised to 1.699 million. The latest reading therefore stood above both the stated forecast and the revised level reported for the preceding week, while initial claims remained below their own forecast.

Together, the figures showed new claims at 197,000, the four week average at 198,000 and continuing claims at 1.716 million. Each measure covered a specified period, with the initial claims week ending October 3 and the continuing claims week ending September 26.

Gold’s quoted level of $4,122.37 per ounce came after the scheduled morning release. Its 0.27% daily advance remained intact as trading continued near the midpoint of the session’s range rather than shifting to its daily high or low.

The report offered separate readings on newly filed claims and the number of people already collecting benefits. New claims were lower than forecast, the four week average matched expectations, and continuing claims exceeded the estimate provided in the source.

The coverage was reported by Ernest Hoffman, a Crypto and Market Reporter for Kitco News. Hoffman has more than 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations.

Hoffman began working in market news in 2007 and established the broadcast division of CEP News in Montreal, Canada. He developed a web based audio news service and produced economic news videos in partnership with MSN and the TMX.

He holds a Bachelor's degree Specialization in Journalism from Concordia University. Kitco News says its journalists report on the economy, stock markets, commodities, cryptocurrencies, mining and metals with an emphasis on accuracy and objectivity.

DISCLAIMER: GoldInvestors.news is not a registered investment, legal or tax advisor or broker/dealer. All investment/financial opinions expressed by GoldInvestors.news are from the personal research and experience of the owner of the site and are intended as educational material. Although best efforts are made to ensure that all information is accurate and up to date, occasionally unintended errors and misprints may occur.