Spot Gold Nears $4,400 per Ounce as U.S. Jobless Claims Rise to 209k

Gold prices moved closer to the $4,400 per ounce mark on Thursday morning after weaker-than-expected U.S. labor data. Initial unemployment claims hit 209,000 for the week ending August 8, above forecasts of 202,000. The prior reading was revised to 200,000.

Spot gold last stood at $4,395.10 per ounce, down 0.31% on the day. The four-week moving average of claims reached 199,000 versus an expected 197,000.

Continuing claims totaled 1.777 million for the week ending August 1, below the projected 1.800 million.