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Gold Declines as US Jobs Data Leave Door Open for Fed Rate Hikes

  • Jobless claims unexpectedly dip for first time in three weeks
  • A factory gauge showed growth for first time in three months
Updated on

Gold slipped as the dollar advanced after latest data pointed to a still-healthy US labor market, potentially leaving the door open for the Federal Reserve to continue carrying out an aggressive path of interest rate hikes.

Applications for US unemployment insurance fell for the first time in three weeks, Labor Department data showed Thursday, with initial claims decreasing by 2,000 to 250,000 in the week ended Aug. 13. The median estimate in a Bloomberg survey of economists called for 264,000 applications. A gauge of manufacturing activity in the Philadelphia area unexpectedly expanded in August for the first time in three months. A gauge of the greenback advanced after the print, while the benchmark 10-year Treasury yield inched lower.