Gold Hits Session Lows as Jobless Claims Hold Steady at 206k

Gold prices slipped to session lows after labor data showed initial jobless claims holding steady at 206,000. The Labor Department reported the figure for the week ending September 5 matched forecasts, with the prior week revised up to 207,000.

A stable jobs market may give the Federal Reserve room to raise rates at next week's meeting. Spot gold traded at $4,331.40 an ounce, down more than 1% on the day, while the four-week moving average reached 206,000.

Continuing claims for the week ending August 29 stood at 1.774 million, largely unchanged from the previous period.