Gold rises from daily lows

The initial weekly jobless claims declined by 1,000 to 268,000 in the week to Saturday, slightly disappointing market expectations but still marking a new pandemic low.

Economists’ consensus calls projected for initial claims to come in at 260,000 following the revised level of 269,000 reported in the previous week.

Gold rose from daily lows following the data release, with December Comex gold futures last trading at $1,867.30, down 0.16% on the day. Earlier in the session, gold hit a low of $1,856.60 an ounce. 

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 – decreased to 272,750. This also marked the lowest level since March 14, 2020. The previous week’s four-week moving average was revised up to 278,500, the U.S. Labor Department said on Thursday.