NEW YORK / RankWire.AI / – Gold experienced a rise of over 1% on Thursday, marking a rebound from its lowest point in nearly a month. The spot price of gold increased by 1.1% to $4,434.70 per ounce as of 04:25 GMT. Meanwhile, U.S. gold futures climbed 1.5% to reach $4,480.10. The U.S. dollar weakened alongside a retreat in Treasury yields from recent multi-year highs. This upward movement followed a volatile trading session that pushed bullion prices down to their lowest since August 7.
Earlier on Wednesday, gold experienced a significant drop during morning trading but managed to reverse course later in the day. At 00:17 GMT, spot gold initially declined 0.6% to $4,304.01 an ounce. During that early trading period, December U.S. gold futures also fell 1% to $4,350.80. By 17:57 GMT, spot prices recovered to $4,376.41. On the same day, December futures closed 0.4% higher at $4,414.60, showing a notable turnaround from earlier losses.
Thursday saw the dollar remain under pressure, while U.S. Treasury yields dipped from recent peaks. These moves supported the renewed rise in gold prices across global markets. Traders are currently pricing a 62% chance of a U.S. interest rate hike this month. The Federal Reserve will hold its upcoming policy meeting on September 15 and 16. Additionally, U.S. private payrolls showed moderate growth in August, providing another data point ahead of the broader employment report scheduled for Friday.
Gold Bounces Back from August Lows
On Friday, the U.S. Bureau of Labor Statistics will publish the August Employment Situation report at 8:30 a.m. Eastern Time. This monthly report covers nonfarm payroll employment, unemployment rates, and other key labor-market indicators. The week has seen significant movements in bonds, currencies, and precious metals, with several major economic releases expected. Producer price data for August will be released on September 10, followed by consumer price information on September 11.
Thursday also saw other precious metals gaining after declines in the previous session. Spot silver increased by 1.2% to $66.08 an ounce. Platinum rose 1% to $1,777.79, while palladium added 0.8% to $1,356.50. A day earlier, silver had dipped to $63.60 during early trading. Platinum declined to $1,722.23, and palladium fell to $1,292.21 as selling pressure spread across the precious-metal sector.
Precious Metals Recover from Earlier Downturns
On Thursday, spot gold finished $130.69 above Wednesday’s intraday low of $4,304.01, representing an increase of approximately 3% from the lowest point over the two-day span. U.S. gold futures followed a similar pattern, climbing from $4,350.80 during Wednesday’s selloff to $4,480.10 on Thursday. This shift lifted gold prices above $4,400 after briefly hitting their lowest in more than three weeks.
These recent movements in gold come ahead of several key U.S. economic reports scheduled for September. The Friday employment report will provide the main figures on August payrolls and unemployment. Producer prices are due on September 10, with consumer inflation data following on September 11. The Federal Reserve’s two-day policy meeting will take place from September 15 through September 16. Despite the dips earlier in the week, gold, along with silver, platinum, and palladium, managed to recover from their initial declines.