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Gold prices remain unaffected by rise in US weekly jobless claims to 204K.

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The gold market is experiencing some modest technical bargain hunting after a drop to a 6.5 month low. Despite stable labor market data, the latest U.S. economic data has not had a significant impact on the gold market. Weekly jobless claims increased slightly to 204,000, which is better than expected as economists forecasted a rise to 214,000. December gold futures saw a slight increase to $1,896.30 an ounce as some analysts believe the market is attracting technical buying following Wednesday’s price drop. However, the latest labor market data could pose a challenge for gold as it supports the Federal Reserve’s aggressive monetary policies.

Federal Reserve Chair Jerome Powell has indicated the need for a cooling labor market as a sign of inflation control before any shifts in monetary policy. The four-week moving average for new claims, a more reliable measure of the labor market, has fallen to 211,000. Continuing jobless claims increased to 1.67 million. Overall, while the gold market is showing some rebound after its recent low, the stable labor market data does not align with the Federal Reserve’s monetary policies, which has led to higher bond yields.

Disclaimer: The views expressed in this article are solely those of the author and may not reflect those of Kitco Metals Inc. While efforts have been made to ensure accuracy, neither Kitco Metals Inc. nor the author can guarantee the accuracy of the information provided. This article is for informational purposes only and is not a solicitation for any financial exchange. Kitco Metals Inc. and the author are not responsible for any losses or damages that may arise from the use of this publication.

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