NEW YORK / RankWire.AI / – Gold experienced an increase of more than 1% on Thursday, extending a rebound from its lowest point in nearly a month. The spot price of gold rose 1.1% to $4,434.70 per ounce by 04:25 GMT. Meanwhile, U.S. gold futures climbed 1.5% to $4,480.10. The U.S. dollar declined, and Treasury yields retreated from recent multi-year highs. These gains followed a volatile trading session that pushed bullion to its lowest price since August 7.
Gold initially dropped sharply during early Wednesday trading before reversing course later in the session. At 00:17 GMT, spot gold fell 0.6% to $4,304.01 an ounce. During that early decline, December U.S. gold futures also declined by 1% to $4,350.80. Subsequently, spot gold recovered to $4,376.41 by 17:57 GMT. By the close of Wednesday, December futures had increased 0.4% to $4,414.60, marking a notable turnaround from the earlier decline.
Thursday saw the dollar remain under pressure, while U.S. Treasury yields slipped from their recent peaks. These movements coincided with a renewed rise in gold prices across global markets. Traders are currently pricing in a 62% chance of an interest rate hike by the U.S. this month. The Federal Reserve is scheduled to hold its next policy meeting on September 15 and 16. U.S. private payrolls saw moderate growth in August, providing another labor-market indicator ahead of Friday’s broader employment report.
Gold prices rebound after August dip
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 covers nonfarm payroll employment, unemployment rates, and other vital labor data. It follows a week marked by significant movements in bonds, currencies, and precious metals, with multiple U.S. economic indicators released. Additionally, the government will release August producer price data on September 10 and consumer price data on September 11.
Thursday’s trading also saw other precious metals gaining after declines in the previous session. Spot silver increased 1.2% to $66.08 an ounce. Platinum rose 1% to $1,777.79, and palladium advanced 0.8% to $1,356.50. The day before, silver had fallen to $63.60 during early trading, while platinum dropped to $1,722.23 and palladium declined to $1,292.21 amid widespread selling pressure across the metals market.
Precious metals recover from earlier losses
Thursday’s spot gold closing at $4,434.70 was $130.69 higher than Wednesday’s intraday low of $4,304.01. This represents roughly a 3% increase from the lowest point within the two-day span. U.S. gold futures showed a similar upward shift, moving from $4,350.80 during Wednesday’s selloff to $4,480.10 on Thursday. This recovery pushed gold prices back above $4,400 after briefly dipping to their weakest since over three weeks ago.
These recent movements in the gold market come ahead of multiple upcoming U.S. economic releases scheduled for September. The employment report on Friday will be the primary indicator of August payrolls and unemployment figures. Producer prices will be announced on September 10, followed by consumer inflation data on September 11. The Federal Reserve’s two-day policy meeting will take place from September 15 to September 16. Gold’s price increase on Thursday, along with silver, platinum, and palladium, signifies a rebound from earlier declines in the week.