Gold Prices Tumble on Better-Than-Expected Jobless Claims

Gold prices fell to session lows on Thursday morning after the release of better-than-expected labor market data. The number of Americans filing new claims for unemployment benefits came in below economists' forecasts, at seasonally adjusted 187,000 for the week ending July 18.

The Labor Department announced the figure, which was lower than the consensus estimate of 212,000 claims. Spot gold had already been trading at session lows before the data release and last traded at $4,071.59 per ounce, a loss of 1.41% on the daily chart.

Meanwhile, the four-week moving average for new claims came in at 207,500 against expectations for 213,000 and the previous week's level of 214,750. Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.796 million during the week ending July 11.