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Commodities

US Labor Data Sends Gold Prices Tumbling Towards $4,400

Guavy AI Editorial Team
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Gold
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Gold prices rose closer to $4,400 per ounce on Thursday morning after the release of disappointing labor market data. The number of Americans filing new claims for unemployment benefits came in above economists' forecasts at 209,000 for the week ending August 8.

The Labor Department announced the figure, which was higher than the consensus estimate of 202,000 claims. The previous week's reading was revised to 200,000 from 199,000.

Spot gold traded at $4,395.10 per ounce for a loss of 0.31% on the daily chart shortly after the data release. This came out alongside July PPI figures.

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