Spot gold struggles to reclaim $4,400/oz after U.S. weekly jobless claims rise to 215k

Kitco2026/05/28 12:54

By:Kitco

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(Kitco News) - Gold prices were struggling to reclaim $4,400 per ounce on Thursday morning following the release of worse-than-expected labor market data after the number of Americans filing new claims for unemployment benefits were above economists’ forecasts.

Initial claims for state unemployment benefits came in at seasonally adjusted 215,000 for the week ending May 23, the Labor Department announced on Thursday. The number was above expectations, as consensus estimates forecasted a reading of 211,000 claims. The previous week’s figure was revised to 210,000 from 209,000.

Spot gold was trading near session lows just before the 8:30 am ET release, and last traded at $4,399.05 per ounce for a loss of 1.28% on the daily chart.

Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – came in at 209,000 against expectations for 211,000.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.786 million during the week ending May 16 against expectations for 1.780, and following the previous week’s revised 1.771 million level.

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