Gold prices stabilized at close today, Aug. 24, after US Labor Department data showed a decline in jobless claims last week, ahead of Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Symposium tomorrow.
Bullion for December delivery kept flat at $1,947.10 an ounce after four straight days of gains.
Today, data from the US Department of Labor revealed that initial jobless claims fell by 10,000 to 230,000 applications in the week ended Aug. 19 — the lowest level since July-end.
The Fed is closely monitoring labor market indicators, given the importance of wage growth in US monetary policy decisions for being one of the key drivers of aggregate demand across the economy.
Elsewhere, the US Census Bureau’s readings today showed that durable goods orders in July contracted by 5.2%, or $15.5 billion, on a monthly basis, hitting a total of $285.9 billion, indicating a pullback in long-term consumer spending.
Looking ahead, all eyes are on Powell’s remarks at the three-day Jackson Hole meeting tomorrow, seeking clues about the future of US monetary policy, amid the ongoing release of economic readings.
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