Gold Nears Session Low of $4,450/oz After U.S. Jobless Claims Drop to 206k

Gold prices moved closer to their session low of $4,450 per ounce on Thursday morning after stronger-than-expected U.S. labor market data. The Labor Department reported initial unemployment claims at 206,000 for the week ending August 15, below the 210,000 forecast, with the prior figure revised up to 212,000.

Spot gold last traded at $4,454.74 per ounce, down 1.51% on the day. The four-week moving average of new claims hit 204,000 versus expectations of 200,000. Continuing claims reached 1.799 million, slightly above forecasts.

The release coincided with the Philly Fed index, adding to market volatility.