Gold Prices Soar on Better-than-Expected US Labor Market Data

Gold prices surged to session highs on Thursday morning following the release of better-than-expected labor market data. The number of Americans filing new claims for unemployment benefits came in below economists' forecasts, with initial claims for state unemployment benefits at seasonally adjusted 196,000 for the week ending September 12.

The Labor Department's announcement was seen as a positive sign for the US economy, and gold prices responded accordingly. Spot gold last traded at $4,370.58 per ounce, marking a gain of 2.50% on the daily chart.