Gold Slides Toward $4,450 as Jobless Claims Beat Expectations

The Labor Department’s latest report arrived alongside the Philly Fed index, fueling a 1.51% daily decline that left spot gold trading at $4,454.74. While the headline number signaled resilience, the four-week moving average—a metric favored for smoothing week-to-week volatility—reached 204,000, slightly higher than the anticipated 200,000.

Continuing jobless claims added complexity to the data, rising to 1.799 million for the week ending August 8. This surpassed consensus expectations of 1.790 million and followed a revised reading of 1.791 million from the previous period. The release suggests that while new filings remain tight, the broader pool of Americans receiving benefits continues to expand, keeping investors on edge regarding the pace of labor market cooling.