Gold prices are under pressure as the number of first-time US workers applying for unemployment benefits fell to a 52-year low.
During the reporting week, the number of claims fell to 184,000, down 43,000 from the revised data of around 227,000 last week. This exceeded expectations as economists projected 218,000.
The report also stated that this was the lowest filing rate since September 6, 1969. Back then, the figure was 182,000.
Still, the gold market took the data calmly, despite facing continued pressure from sellers.
Meanwhile, the number of claims for people already receiving benefits stood at 1.992 million, up 38,000 from the revised 1.956 million the previous week.
Some economists say this will give the Federal Reserve more confidence in its plan to accelerate the scale back monthly bond purchases, as well as tighten monetary policy sooner than expected.
The health of the labor market has been a critical metric that the US central bank has been monitoring, especially when it seeks to change its policy from the current ultra-adaptive stance.
