Gold price ignores another pandemic low

Another week, and another new pandemic low in the U.S. labor market as fewer American workers apply for first-time unemployment benefits.

Weekly jobless claims have risen less than expected in five out of the last six weeks. Thursday the U.S. Labor Department said that weekly jobless claims fell by 38,000 to 406,000, down from the previous week’s unrevised estimate of 444,000 claims.

The latest labor market data was better than expected as consensus forecasts looking for claims to rise to 427,000.

However, the latest employment data is not having much impact on the gold market. June gold futures last traded at $1,986.60 an ounce, down 0.24% on the day.