02:00 PM EDT, 08/08/2024 (MT Newswires) -- (Updates prices.)

Gold traded higher for a second day midafternoon on Thursday even as the dollar and yields climbed after U.S. initial jobless claims rose less than expected last week, easing worries over the health of the country's labor market.

Gold for December delivery was last seen up US$28.70 to US$2,461.10 per ounce.

The rise follows the weekly report from the U.S. Department of Labor that showed 233,000 initial jobless claims were filed last week, down from the 249,000 filed a week earlier and under the consensus expectation for 240,000 new claims, according to Marketwatch. The data eases some concerns over a slowing economy after last Friday's U.S. jobs report came in much weaker than expected, with only 114,000 jobs added in July, down from 179.000 in May.

The dollar rose following the data, with the ICE dollar index last seen up 0.06 points to 103.26.

Treasury yields also moved higher, bearish for gold since it offers no interest. The U.S. two-year note was last seen paying 4.061%, up 9.3 basis points, while the yield on the 10-year note was up 5.2 basis points to 4.018%