The gold market is facing downward pressure, with prices slipping below $4,100 an ounce. This decline comes as the U.S. labor market shows signs of strength, with fewer Americans filing for unemployment benefits than expected.
The Labor Department reported that initial claims for state unemployment benefits fell to a seasonally adjusted 194,000 for the week ending October 17. This figure was lower than the anticipated 200,000 claims, marking the lowest level since late July. The previous week’s data was also revised upward to 200,000 claims.
Spot gold has struggled throughout the European trading session, recovering slightly from its lowest points but still under significant selling pressure. As of the latest update, gold was trading at $4,076 an ounce, down 1.5% for the day.