NEW YORK / RankWire.AI / – Gold experienced an increase of over 1% on Thursday, bouncing back from its lowest point in nearly a month. The spot price advanced 1.1% to $4,434.70 per ounce as of 04:25 GMT, while U.S. gold futures rose 1.5% to $4,480.10. A weaker U.S. dollar and declining Treasury yields from recent multi-year highs contributed to the upward movement. These gains followed a turbulent trading session that pushed bullion to its lowest price since August 7.
Gold saw a sharp decline early Wednesday before reversing course later in the trading day. Initially, spot gold dropped 0.6% to $4,304.01 an ounce at 00:17 GMT, and December U.S. gold futures fell 1% to $4,350.80 during that period. However, prices recovered to $4,376.41 by 17:57 GMT. By the close, December futures finished Wednesday 0.4% higher at $4,414.60, indicating a notable turnaround from the prior lows.
On Thursday, the dollar remained under pressure, while U.S. Treasury yields retreated from recent peaks. This helped boost gold prices globally. Traders currently estimate a 62% chance of a U.S. interest rate hike this month. The Federal Reserve will convene its next policy meeting on September 15 and 16. Meanwhile, August private payrolls showed moderate growth, adding another data point ahead of the broader employment report due on Friday.
Gold Rebounds from 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. This report covers nonfarm payroll employment, unemployment, and other key labor indicators. It comes amid a week marked by significant moves in bonds, currencies, and precious metals, following numerous U.S. economic releases. The government will also release producer price data on September 10 and consumer price data on September 11.
Thursday also saw gains in other precious metals after declines earlier in the week. Spot silver increased 1.2% to $66.08 an ounce. Platinum rose 1% to $1,777.79, and 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 market.
Precious Metals End Their Losses from Earlier
Thursday’s spot gold closed $130.69 above Wednesday’s intraday low of $4,304.01, marking an approximate 3% recovery from the lowest point in the past two days. U.S. gold futures mirrored this move, rising from $4,350.80 during the selloff to $4,480.10 on Thursday. This upward shift pushed gold back above $4,400 after briefly hitting its weakest level in over three weeks.
These recent gold market movements precede several upcoming U.S. economic data releases in September. Friday’s employment report will be the primary indicator of August payrolls and unemployment figures. Producer prices are due on September 10, with consumer inflation data following on September 11. The Federal Reserve’s two-day policy meeting is scheduled for September 15 and 16. Gold closed Thursday higher than Wednesday’s low, with silver, platinum, and palladium also rebounding from earlier declines.