(Kitco News) - Gold prices are at session lows on Thursday morning following the release of better than expected labor market data after the number of Americans filing new claims for unemployment benefits came in below economists’ forecasts.Initial claims for state unemployment benefits came in at seasonally adjusted 187,000 for the week ending July 18, the Labor Department announced on Thursday. The number was below expectations, as consensus estimates forecasted a reading of 212,000 claims. The previous week’s figure was revised to 209,000 from 208,000. Spot gold  was already trading at session lows shortly before the 8:30 am ET data release, and last traded at $4,071.59 per ounce for a loss of 1.41% on the daily chart.Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – came in at 207,500 against expectations for 213,000 and the previous week’s 214,750 level.Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.796 million during the week ending July 11 against expectations for 1.809, and following the previous week’s downwardly revised 1.798 million level.

(Kitco NewsWire) - Spot gold and silver prices are lower ahead of the North American market open Thursday, as rising Treasury yields, a firmer U.S. dollar and another surge in crude oil prices outweighed safe-haven demand tied to the U.S.-Iran conflict. At the time of writing, spot gold was trading near $4,066.82 an ounce, down 1.52%, while spot silver was trading near $58.06, down 2.75% on the session.Gold’s early range was $4,072.20 to $4,141.70, leaving the metal back below the $4,100 area and under the $4,148 trendline resistance identified in the latest technical setup. Silver’s early range was $57.21 to $60.95, with the metal failing to hold the $60.75 breakout level and retreating toward the $58.73 support area.Positioning after this morning’s ECB rate decision and U.S. jobless claims report remains less dovish than the softer CPI and PPI prints initially suggested. The ECB left its benchmark rate unchanged at 2.25% after a June hike and emphasized that uncertainty around the energy shock remains high. In the U.S., initial jobless claims dropped to 187,000, reinforcing the view that layoffs remain contained even as hiring momentum has cooled. The data leave markets treating the Fed’s July 29 meeting as a likely hold, but not a dovish pivot, with oil-driven inflation risk keeping later-year hike pricing alive. The 10-year Treasury yield rose to 4.714% at 8:30 a.m. ET, its highest level in the current move, while the dollar stayed firm. That mix is pressuring gold by lifting real-rate expectations and reducing the appeal of non-yielding bullion.The Strait of Hormuz situation is best characterized as open but severely impaired transit under active military pressure. U.S. Central Command said the latest strikes were aimed at degrading Iran’s ability to threaten civilian mariners and commercial vessels, while Iran and the U.S. remain dug in over control of the strait. Houthi attacks on two Saudi oil tankers in the Red Sea have widened the shipping-risk map beyond Hormuz and raised doubts about Saudi and Gulf workarounds through Bab el-Mandeb. Brent crude moved past $98 a barrel and WTI traded near $90 as traders priced simultaneous chokepoint risk. For gold, the geopolitical bid is being offset by the inflation-rate channel; for broader markets, the trade is oil bid, bonds under pressure, dollar firm and silver underperforming gold.Traders are watching ECB President Christine Lagarde’s follow-up guidance, Fed communication before next week’s July 29 policy decision, Friday’s U.S. flash PMI data, and further disruption to Hormuz or Red Sea shipping lanes. A sustained move below $4,075 would put gold’s short-term recovery at risk, while a close back above $4,148 would improve the technical setup.The key outside markets see Nymex WTI crude oil prices sharply higher and trading near $90.00 a barrel, while Brent crude was above $98.00. The U.S. dollar index is firmer. The yield on the benchmark 10-year U.S. Treasury note is trading near the 4.71% area.Technically, spot gold bulls have lost some near-term momentum as prices slipped below the 100-period moving average at $4,083 and failed to clear descending trendline resistance at $4,148. Bulls' next upside price objective is to push prices back above $4,148, with a sustained move targeting $4,200 and then $4,246. Bears' next near-term downside price objective is a break below $4,075, with deeper downside targets at $4,020 and then $3,957. First resistance is seen at $4,148 and then at $4,200. First support is seen at $4,075 and then at $4,020.Spot silver bulls have lost near-term momentum after prices failed to hold above the $60.75 breakout level and pulled back toward the 50-period moving average at $58.50 and the 100-period moving average at $58.34. Silver bulls' next upside price objective is to drive prices back above $60.75, with a move above that level targeting $61.88 and then $63.18. The next downside price objective for the bears is a break below $58.73, with deeper downside targets at $57.47 and then $56.12. First resistance is seen at $60.75 and then at $61.88. Next support is seen at $58.73 and then at $57.47.