NEW YORK / RankWire.AI / – Gold experienced an increase of more than 1% on Thursday, rebounding from its lowest point in nearly a month. The spot price of gold rose 1.1% to reach $4,434.70 per ounce by 04:25 GMT. Meanwhile, U.S. gold futures climbed 1.5% to $4,480.10. During this period, the U.S. dollar weakened, and Treasury yields retreated from multi-year highs seen recently. These gains followed a session characterized by volatility, which pushed bullion to its lowest level since August 7.
Gold saw a sharp decline during early Wednesday trading but later reversed course in the session. Initially, spot gold fell 0.6% to $4,304.01 an ounce at 00:17 GMT. At the same time, December U.S. gold futures also dropped 1% to $4,350.80. By 17:57 GMT, spot prices recovered to $4,376.41. On Wednesday, December futures ended 0.4% higher at $4,414.60, marking a notable turnaround from the earlier lows.
Thursday saw the dollar remain under pressure, with U.S. Treasury yields slipping from recent peaks. These movements coincided with a renewed upward trend in gold prices across global markets. Traders are currently pricing in a 62% chance of a U.S. interest rate hike this month. The Federal Reserve is scheduled to hold its next policy meeting on September 15 and 16. Additionally, U.S. private payrolls increased moderately in August, providing another data point ahead of Friday’s broader employment report.
Gold prices bounce back from August’s lows
The U.S. Bureau of Labor Statistics will release the August Employment Situation report on Friday, September 4, at 8:30 a.m. Eastern Time. This monthly report covers nonfarm payroll employment, unemployment, and other key indicators of the labor market. It follows a week marked by significant moves across bonds, currencies, and precious metals, with several key economic releases. The government will also publish producer price data for August on September 10, followed by consumer price data on September 11.
In addition to gold, other precious metals advanced during Thursday’s trading after declines in the previous session. Spot silver increased 1.2% to $66.08 an ounce. Platinum moved up 1% to $1,777.79, while palladium gained 0.8% to $1,356.50. A day earlier, silver had fallen to $63.60 early in trading. Platinum had dropped to $1,722.23, and palladium to $1,292.21, as market sell-offs affected the entire precious-metals sector.
Precious metals recover after earlier declines
On Thursday, the spot gold price was $130.69 above Wednesday’s intraday low of $4,304.01, representing approximately a 3% increase from the lowest point during the two-day period. U.S. gold futures showed a similar upward movement, shifting from $4,350.80 during the selloff to $4,480.10 by Thursday. This change pushed gold prices above the $4,400 mark after briefly falling to their lowest level in over three weeks.
These recent movements in gold come ahead of multiple upcoming U.S. economic reports scheduled for September. The employment report due on Friday will provide the primary insight into August payroll and unemployment figures. Producer prices are set for release on September 10, with consumer inflation data following on September 11. The Federal Reserve’s two-day policy meeting is scheduled from September 15 to 16. Gold remained above Wednesday’s low as silver, platinum, and palladium also recovered from earlier losses.