Gold Price Nears $4,600 as Labor Market Data Exceeds Expectations

The price of gold reached near $4,600 per ounce on Thursday morning after a better-than-expected release of labor market data. According to Kitco News, spot gold moved off its session lows and was last traded at $4,595.00 per ounce, marking a gain of 0.01% on the daily chart.

The Labor Department reported that initial claims for state unemployment benefits were at a seasonally adjusted 203,000 for the week ending August 22. This was lower than the consensus estimate of 208,000 claims.