NEW YORK / RankWire.AI / – Gold increased by more than 1% on Thursday, bouncing back 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 weakened alongside Treasury yields pulling back from recent multi-year highs. These gains followed a volatile trading session that pushed bullion to its lowest price since August 7.
Gold experienced a sharp decline during early Wednesday trading before reversing course later that day. Initially, spot gold fell 0.6% to $4,304.01 per ounce at 00:17 GMT. December U.S. gold futures also declined 1% to $4,350.80 during that early drop. However, spot prices later recovered to $4,376.41 by 17:57 GMT. The December futures closed Wednesday 0.4% higher at $4,414.60, marking a significant turnaround from the earlier losses.
On Thursday, the dollar remained under pressure, while U.S. Treasury yields slipped from their recent peaks. These movements coincided with a renewed increase in gold prices across international markets. Traders are currently assigning a 62% probability 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 saw moderate growth in August, providing another data point ahead of Friday’s broader employment report.
Gold recovers from August’s 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. This monthly report encompasses nonfarm payroll employment, unemployment rate, and other vital labor-market indicators. It follows a week marked by significant movements in bonds, currencies, and precious metals, with several key U.S. economic releases. Producer price data for August will be released on September 10, followed by consumer price figures on September 11.
Thursday’s trading also saw other precious metals regain ground 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 day before, silver had dipped to $63.60 during early trading, platinum to $1,722.23, and palladium to $1,292.21, as selling pressure affected the entire precious-metals sector.
Precious metals rebound after early setbacks
Thursday’s spot gold price was $130.69 above Wednesday’s intraday low of $4,304.01, representing approximately a 3% increase from the lowest point within the two-day span. U.S. gold futures exhibited a similar pattern, moving from $4,350.80 during the early selloff to $4,480.10 on Thursday. This rebound pushed gold back above $4,400 after briefly falling to its lowest level in over three weeks.
These 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 serve as the primary indicator of August’s payrolls and unemployment figures. Producer prices are expected on September 10, with consumer inflation data due on September 11. The Federal Reserve’s two-day policy meeting will occur from September 15 to September 16. Gold closed Thursday above Wednesday’s low, and other precious metals such as silver, platinum, and palladium also recovered from earlier declines.