Gold Dropped As US Labor Market Remains Relatively Unchanged From Last Week.
Gold prices experienced a modest decline of -0.13%, settling at 62443, as the market grapples with the stability of the U.S. labour market.
The U.S. Labor Department reported a marginal decrease of 9,000 in weekly jobless claims to 218,000, indicating a relatively unchanged labour market. Continuing jobless claims also declined to 1.871 million, down by 23,000 from the previous week’s revised level.
Despite stronger-than-expected economic data, Richmond Federal Reserve Bank President Thomas Barkin highlighted challenges in accurately adjusting for seasonal variations around the new year.