(Kitco News) - Gold prices continue to trade above $4,800 an ounce but are not attracting any solid bullish momentum, as the U.S. labor market remains fairly resilient, with the number of workers applying for first-time unemployment benefits falling more than expected.
Initial claims for state unemployment benefits fell by 11,000 to a seasonally adjusted 207,000 for the week ending April 11, the Labor Department announced on Thursday. The number was below expectations, as consensus estimates forecast a reading of 213,000 claims. The previous week’s figure was revised down by 1,000 claims to 218,000.
Overnight, gold prices managed to push back above a key support level at $4,800 and have held their ground in their initial reaction to the better-than-expected labor market data. Spot gold last traded at $4,815.80 an ounce, up 0.54% on the day.
