[video] Quick Take: Jobless Claims Offer Gold Support
NEW YORK ( TheStreet) -- Gold is moving higher on Thursday, while crude oil continues to decline, TheStreet's Joe Deaux said.
Gold initially popped higher on Tuesday when the delayed September nonfarm payrolls report pushed prices higher on slightly disappointing results. It happened again Thursday with the labor report, Deaux said.
He added that today's pop has essentially erased the slight loss from Wednesday's trading session.
Moving to crude oil, Deaux noted it has declined for its fourth straight session as higher-than-expected inventory data added downward pressure on prices.Traders expect higher levels of supply to continue in the coming weeks, as oil prices keep slipping lower towards $95 per barrel. Deaux suggested that refinery outages in the golf coast could also be to blame for the trending decline in crude oil prices over the past month. He highlighted this in an interview with Dan Dicker earlier this week. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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