Gold Ticks Higher Near $4,600/oz as US Jobless Claims Surprise

Gold prices have reached an all-time high near $4,600 per ounce after the release of better-than-expected labor market data. The number of Americans filing new claims for unemployment benefits came in at a seasonally adjusted 203,000 for the week ending August 22, beating consensus estimates of 208,000 claims.

The previous week's figure was revised to 207,000 from 206,000. Spot gold was trading at $4,595.00 per ounce for a gain of 0.01% on the daily chart shortly after the data release.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.778 million during the week ending August 15, also beating expectations. The four-week moving average for new claims came in at 205,500 against expectations for 203,000 and following the previous week's 204,250 level.