Gold Clings to $2,300 Amid Static U.S. Job Market

The gold market is holding support above $2,300 but is not seeing much momentum as the U.S. labor market continues to stabilize.

On Thursday, the U.S. Labor Department said that weekly jobless claims came in at 208,000 during the week ending April 20, unchanged from the previous week's revised increase. The employment data was roughly in line with market expectations.  

The gold market is treading water in neutral territory in its initial reaction to the latest labor market data. June gold futures last traded at $2,311.70 an ounce, unchanged on the day.

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 – came in at 210,00 down from the previous week's revised average of 213,500.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.774 million during the week ending April 20, unchanged from the prior week.

This article originally appeared on Kitco News