Gold prices holding on to strong gains as more U.S. Workers apply for unemployment insurance

(Kitco News) - Gold price are holding on to strong gains but is seeing little reaction to falling momentum in the U.S. labor market as more workers apply for first-time unemployment benefits.

Thursday the U.S. Labor Department said that weekly jobless claims rose by 23,000 to 885,000, up from the previous week’s revised estimate of 853,000 claims.

The latest labor market data missed economists’ estimates as consensus forecasts called for initial claims to be round 817,000.