NEW YORK / RankWire.AI / – Gold increased by more than 1% on Thursday, continuing a rebound from its lowest point in nearly a month. Spot gold went up 1.1% to $4,434.70 an ounce by 04:25 GMT. Meanwhile, U.S. gold futures rose 1.5% to $4,480.10. The U.S. dollar weakened as Treasury yields retreated from recent multi-year highs. These gains followed a volatile trading session that drove bullion to its lowest price since August 7.
Gold experienced a sharp decline during early Wednesday trading but reversed course later in the day. Initially, spot gold dropped 0.6% to $4,304.01 an ounce at 00:17 GMT. During that early decline, December U.S. gold futures also fell 1% to $4,350.80. Later, spot prices recovered to $4,376.41 by 17:57 GMT. On Wednesday, December futures finished 0.4% higher at $4,414.60, marking a notable turnaround from the earlier losses.
The dollar remained under pressure on Thursday, while U.S. Treasury yields pulled back from their recent peaks. These movements coincided with renewed gains in gold prices across international markets. Traders are now pricing in a 62% chance of a U.S. interest rate hike this month. The Federal Reserve will hold its next policy meeting on September 15 and 16. Additionally, U.S. private payrolls saw moderate growth in August, providing another labor-market indicator before Friday’s broader employment report.
Gold prices rebound from August’s lowest point
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. This monthly report includes data on nonfarm payroll employment, unemployment, and other key labor-market indicators. It follows several U.S. economic releases during a week characterized by large fluctuations in bonds, currencies, and precious metals. The government will also release August producer price data on September 10 and consumer price information on September 11.
Other precious metals also saw upward movement on Thursday after declines in the previous session. Spot silver increased 1.2% to $66.08 an ounce. Platinum rose 1% to $1,777.79, while palladium gained 0.8% to $1,356.50. The previous day, silver had fallen to $63.60 during early trading. Platinum dropped to $1,722.23, and palladium declined to $1,292.21 as selling pressure affected the entire precious-metals sector.
Precious metals bounce back from prior setbacks
Thursday’s spot gold price was $130.69 higher than Wednesday’s intraday low of $4,304.01. This represents an approximate 3% increase from the lowest point recorded during the two-day period. U.S. gold futures showed a similar pattern, moving from $4,350.80 during the selloff to $4,480.10 on Thursday. This recovery pushed gold prices above $4,400 after briefly falling to their lowest level in over three weeks.
The recent movements in the gold market come ahead of several upcoming U.S. economic data releases scheduled for September. The employment report on Friday will be the primary source of information on August payrolls and unemployment figures. Producer prices are expected on September 10, followed by consumer inflation data on September 11. The Federal Reserve’s two-day policy meeting is set for September 15 and 16. Thursday’s session saw gold close above Wednesday’s low, with silver, platinum, and palladium also rebounding from their earlier declines.