Gold to experience profit as of un-employment

While precious metals investors mainly disregard further strength in the U.S. job situation, the gold market is currently experiencing some technical profit taking.

The U.S. Labor Department said that weekly unemployment claims decreased by 2,000 to 190,000 on Thursday, from an unrevised estimate of 192,000 claims the previous week.

The most recent labor market statistics significantly exceeded economists’ predictions, as consensus projections called for an increase in claims of 196,000.

Economic statistics are not causing much of a reaction in the gold market because prices are still declining. The last price for April gold futures was $1,837.10 per ounce, down 0.45% from the previous day.

Since it smooths out week-to-week volatility, the four-week moving average for new claims, which is frequently regarded as a more accurate indicator of the labor market, increased by 1750.