The price of gold continues to hold the support level above $4,000 per ounce, but some analysts suggest that a relatively stable labor market may continue to put pressure on gold. The US Department of Labor announced on Thursday that for the week ending October 24, the number of seasonally adjusted initial jobless claims was 194,000, slightly better than expected by the market to rise to 198,000. This is the sixth week in a row that the number of initial jobless claims has remained below 200,000, the longest since January 2023. Late on Wednesday, the Federal Reserve announced that it would keep interest rates unchanged, while signaling that it would still focus on driving inflation back to 2%. Since then, it has been difficult for the gold market to attract buying. Analysts said the relatively healthy labor market left room for the Federal Reserve to raise interest rates in December.

The price of gold continues to hold the support level above $4,000 per ounce, but some analysts suggest that a relatively stable labor market may continue to put pressure on gold. The US Department of Labor announced on Thursday that for the week ending October 24, the number of seasonally adjusted initial jobless claims was 194,000, slightly better than expected by the market to rise to 198,000. This is the sixth week in a row that the number of initial jobless claims has remained below 200,000, the longest since January 2023. Late on Wednesday, the Federal Reserve announced that it would keep interest rates unchanged, while signaling that it would still focus on driving inflation back to 2%. Since then, it has been difficult for the gold market to attract buying. Analysts said that a relatively healthy labor market left room for the Federal Reserve to raise interest rates in December.