Forget pandemic lows, U.S. Weekly Jobless Claims fall to 52-year low, gold price remains under pressure

New York (Dec 9)  Gold prices are under pressure as the labor market sees significant growth as the number of America workers applying for first-time unemployment benefits drops to a 52-year low.

Thursday the U.S. Labor Department said that weekly jobless claims fell by 43,000 to 184,000, down from the previous week's revised estimate of 227,000 claims.
The latest labor market data significantly beat expectations.

“This is the lowest level for initial claims since September 6, 1969 when it was 182,000,” the report said.

The gold market is taking the latest labor market data in stride and faced with ongoing selling pressure. February gold futures last traded at $1,777.70 an ounce, down 0.44% on the day.

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