Gold Prices Hit Session Lows Following Strong US Jobless Claims Data

Key Facts

In a move reflecting the resilience of the U.S. economy against high interest rates, gold prices dropped significantly to hit their lowest levels of the trading session. This decline was driven by U.S. Department of Labor data showing weekly jobless claims fell to 187,000, a figure that came in better than economist forecasts. This robust labor market performance suggests persistent inflationary pressures, supporting a hawkish Federal Reserve outlook and reducing the appeal of non-yielding assets like gold.

According to reports, this downward movement coincided with continuing claims falling to 1.796 million for the week ending July 11, compared to expectations of 1.809 million. Furthermore, the four-week moving average—often viewed as a more stable gauge of employment trends—dropped to 207,500 claims. Collectively, these figures reinforce the narrative that the labor market remains strong enough to sustain elevated interest rates for a longer period, placing technical pressure on gold contracts.

As of July 23, 2026, gold prices remain under close watch despite the current lack of live pricing data in the system. Traders are looking ahead to several key economic catalysts that could dictate the metal's trajectory, including the Canadian Inflation Rate (CPI) on July 20 and the UK Unemployment Rate on July 21, which will provide broader context on global inflation and employment trends affecting safe-haven demand.