Gold was moving higher early Thursday after the U.S. Department of Labor reported worse-than-expected weekly unemployment claims for the week ended Sept. 3. Spot gold was up $37.70 per ounce, more than 2%, hitting a high of $1,866.60 and a low of $1,839.20. Spot silver was up 76 cents per ounce, hitting an early Thursday high of $42.77 and a low of $42.06.

The London p.m. fix price for spot gold was set at $1,855. The London a.m. silver price fix came in at $42.14, according to Kitco market data.

The Labor Department reported that seasonally adjusted weekly jobless claims totaled 414,000 the week ended Sept. 3, a weekly increase of 2,000. The four-week moving average totaled 414,750, an increase of 3,750 from the previous week’s revised 411,000.

Market participants awaited President Barack Obama’s speech and expected announcement of a jobs stimulus program Thursday night, as well as a speech later Thursday from Federal Reserve Chairman Ben Bernanke.

Gold and silver trusts were higher in exchange trading early Thursday.

• The SPDR Gold Trust (NYSE:GLD) was showing gains of around 1.7%.
• The iShares Gold Trust (NYSE:IAU) was up about the same.
• The iShares Silver Trust (NYSE:SLV) was around 1.3% higher.

Gold and silver mining ETFs were higher as well.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was up more than 1.6%.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was around 2.8% higher.
• The Global X Silver Miners ETF (NYSE:SIL) was showing gains of around 1.75%.

Shares of gold miners were showing broad gains, with Newmont Mining up strongly but NovaGold Resources down sharply.

• Agnico Eagle Mines (USA) (NYSE:AEM) was nearly 1% higher.
• Barrick Gold Corp. (NYSE:ABX) was up around 1.5%.
• Goldcorp (NYSE:GG) was trading around 1.3% higher.
• Newmont Mining Corp. (NYSE:NEM) was up over 3%.
• NovaGold Resources (USA) (AMEX:NG) was down between 4% and 5%.

Silver mining shares also were showing gains early Thursday.

• Coeur D’Alene Mines Corp. (NYSE:CDE) was around 0.8% higher.
• Hecla Mining (NYSE:HL) was up 2.25%.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS) was around 1.4% higher.
• Silver Wheaton Corp. (USA) (NYSE:SLW) was moving between slight gains and losses.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was up around 1.2%.

The author does not hold positions in any of the above-mentioned investments.