NEW YORK / RankWire.AI / – Gold increased by more than 1% on Thursday, marking a recovery from its lowest point in nearly a month. Spot gold rose 1.1% to $4,434.70 an ounce as of 04:25 GMT. Meanwhile, U.S. gold futures went up 1.5% to $4,480.10. The U.S. dollar weakened, and Treasury yields retreated from their recent multi-year peaks. These gains followed a volatile trading session that pushed bullion to its lowest level since August 7.
Earlier on Wednesday, gold experienced a sharp decline during morning trading before turning around later in the day. Initially, spot gold fell 0.6% to $4,304.01 an ounce at 00:17 GMT. December U.S. gold futures also declined by 1% to $4,350.80 during that early period. However, prices later rebounded to $4,376.41 by 17:57 GMT. On Wednesday, December futures closed 0.4% higher at $4,414.60, showing a notable recovery from the earlier losses.
The dollar remained under pressure on Thursday, while U.S. Treasury yields declined from their recent highs. These movements coincided with a renewed rise in gold prices across global markets. Traders are currently assigning a 62% chance of a U.S. interest rate hike this month. The Federal Reserve will conduct its next policy meeting on September 15 and 16. Additionally, U.S. private payrolls grew moderately in August, providing another labor market indicator ahead of Friday’s broader employment report.
Gold recovers from August’s lowest point
The U.S. Bureau of Labor Statistics will release the August Employment Situation report on Friday, September 4, at 8:30 a.m. Eastern Time. This monthly report covers nonfarm payroll employment, unemployment figures, and other key labor-market data. It follows a week marked by significant movements in bonds, currencies, and precious metals, with several important U.S. economic releases. Producer price data for August will be published on September 10, followed by consumer price figures on September 11.
Thursday’s trading also saw other precious metals climbing after declines in the previous session. Spot silver gained 1.2% to $66.08 an ounce. Platinum increased 1% to $1,777.79, while palladium rose 0.8% to $1,356.50. On the prior day, silver had dipped to $63.60 during early trading. Platinum had fallen to $1,722.23, and palladium declined to $1,292.21 amid widespread selling in the precious-metals sector.
Precious metals rebound from earlier setbacks
Thursday’s spot gold price was $130.69 higher than Wednesday’s intraday low of $4,304.01. This represents roughly a 3% increase from the lowest point recorded over the two-day span. U.S. gold futures showed a similar upward shift from their early Wednesday levels, moving from $4,350.80 during the selloff to $4,480.10 on Thursday. The move brought gold back above $4,400 after prices briefly hit their weakest point in over three weeks.
These recent movements in the gold market occur ahead of several upcoming U.S. economic reports scheduled in September. The employment report on Friday will provide the government’s key data on August payrolls and unemployment. Producer prices are due on September 10, with consumer inflation figures following on September 11. The Federal Reserve’s two-day policy meeting will take place from September 15 to September 16. Gold closed Thursday above Wednesday’s low, with silver, platinum, and palladium also rebounding from earlier declines.