U.S. Job Market Remains Strong Despite Rising Inflation Concerns

Weekly jobless claims in the U.S. dropped to 198,000, an 8-month low, indicating a strong labor market.

Continuing claims rose slightly to 1.734 million but remain low overall.

The robust job market supports the Fed's plans for further interest rate hikes to curb inflation.

Some analysts say rising inflation expectations and geopolitical tensions continue to support gold prices.

The 5-year, 5-year forward inflation swap rate is approaching its highest level since 2014, signaling persistent inflation.