NEW YORK / RankWire.AI / – Gold experienced a rise of over 1% on Thursday, marking a rebound from its lowest point in nearly a month. The spot price increased by 1.1% to $4,434.70 an ounce at 04:25 GMT, while U.S. gold futures jumped 1.5% to $4,480.10. The US dollar declined, and Treasury yields retreated from recent multi-year highs. These gains followed a volatile trading session that pushed bullion to its lowest level since August 7.
Earlier Wednesday, gold prices had fallen sharply before reversing course later in the day. At 00:17 GMT, spot gold dipped 0.6% to $4,304.01 an ounce, and December U.S. gold futures also declined 1% to $4,350.80 during that initial drop. Later, spot gold recovered to $4,376.41 by 17:57 GMT. By the close on Wednesday, December futures were 0.4% higher at $4,414.60, signaling a significant turnaround from the early losses.
On Thursday, the dollar remained under pressure, and U.S. Treasury yields eased from their recent peaks. These movements contributed to the renewed rise in gold across global markets. Traders are pricing in a 62% chance of an interest rate hike by the U.S. this month. The Federal Reserve is scheduled to hold its upcoming policy meeting on September 15 and 16. Additionally, U.S. private payrolls showed moderate growth in August, adding a labor-market indicator ahead of Friday’s broader employment report.
Gold prices rebound after August lows
The U.S. Bureau of Labor Statistics will publish the August Employment Situation report on Friday, September 4, at 8:30 a.m. Eastern Time. The report covers nonfarm payroll employment, unemployment rates, and other vital labor-market data. It follows several key U.S. economic releases during a week marked by significant moves in bonds, currencies, and precious metals. The government will also release August producer price data on September 10 and consumer price figures on September 11.
Other precious metals also gained during Thursday’s trading session after declines earlier in the week. Spot silver increased by 1.2% to $66.08 an ounce. Platinum rose 1% to $1,777.79, while palladium advanced 0.8% to $1,356.50. The previous day saw silver drop to $63.60 during early trading, platinum fall to $1,722.23, and palladium decline to $1,292.21 amid widespread selling in the metals market.
Precious metals recover from prior losses
Thursday’s spot gold price closed $130.69 above Wednesday’s intraday low of $4,304.01. This marks an approximate 3% increase from the lowest point during the two-day period. U.S. gold futures also mirrored this change, moving from $4,350.80 during the early selloff to $4,480.10 on Thursday. This shift pushed gold back above $4,400 after briefly touching its weakest level in over three weeks.
The recent movements in gold come ahead of several scheduled U.S. economic reports in September. Friday’s employment data will serve as the primary indicator of August payrolls and unemployment rates. Producer prices are set to be released on September 10, followed by consumer inflation figures on September 11. The Federal Reserve’s two-day policy meeting is scheduled from September 15 through September 16. Gold opened Thursday above Wednesday’s low, with silver, platinum, and palladium also rebounding from earlier declines.