The gold price changed hands at $1,529 per ounce

The gold price changed hands at $1,529 per ounce Thursday morning, trading near unchanged as global financial markets quieted down after a tumultuous week. The price of gold held firm after the release of initial jobless claims showed 414,000 Americans filed for unemployment benefits. Renewed weakness in the labor market has helped fuel concerns that the recovery in the U.S. is in jeopardy.

Strength in the gold price coincided with a rally in the U.S. dollar, particularly against the euro. The euro/dollar currency cross posted its worst day since March 2009, as it plummeted over 300 basis points, or 2.0%, to 1.4121. By climbing alongside the U.S. dollar, the gold price once again illustrated its role as the world’s “de-facto reserve currency,” in the words of hedge fund magnate Eric Sprott.

The euro’s weakness followed a disappointing end to the latest meeting of euro zone officials, whose failure to reach a consensus on the terms of a new bailout package for Greece has kept the euro zone in flux. The situation deteriorated further in Athens on Wednesday, as a general strike engulfed the nation and police used tear gas on rioters in Syntagma Square. Greek Prime Minister George Papandreou later stated in a televised address that he will form a new government on Thursday. Papandreou is also expected to seek a vote of confidence from the Greek parliament, according to multiple media outlets.