NEW YORK / RankWire.AI / – Gold increased by more than 1% on Thursday, marking a recovery 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 advanced 1.5% to $4,480.10. During this period, the U.S. dollar weakened, and Treasury yields retreated from multi-year highs recently reached. These gains followed a volatile session that pushed bullion to its lowest level since August 7.
Gold experienced a sharp decline early Wednesday trading but reversed course later in the day. Initially, spot gold dropped 0.6% to $4,304.01 per ounce at 00:17 GMT. At the same time, December U.S. gold futures also fell 1% to $4,350.80 amid the early decline. Later, spot prices recovered to $4,376.41 by 17:57 GMT. By the close of Wednesday, December futures ended 0.4% higher at $4,414.60, reflecting a notable turnaround from earlier losses.
On Thursday, the dollar remained under downward pressure, while U.S. Treasury yields declined from their recent peaks. These movements accompanied a renewed rise in gold prices across global markets. Investors are currently pricing in a 62% chance 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 labor-market indicator ahead of Friday’s broader employment report.
Gold prices rebound 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 monthly report covers nonfarm payroll employment, unemployment, and other key labor-market data. The release follows several U.S. economic reports issued during a week marked by significant movements in bonds, currencies, and precious metals. Producer price data for August will be released on September 10, followed by consumer price figures on September 11.
Other precious metals also moved higher on Thursday 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 gained 0.8% to $1,356.50. The previous day, silver had fallen to $63.60 during early trading. Platinum declined to $1,722.23, and palladium dropped to $1,292.21 as selling pressure affected the entire precious-metals market.
Precious metals recover from earlier setbacks
Thursday’s spot gold price was $130.69 above Wednesday’s intraday low of $4,304.01. This marks an approximately 3% rise from the lowest level recorded during the two-day period. U.S. gold futures experienced a similar shift, moving from $4,350.80 during the selloff to $4,480.10 on Thursday. This change pushed gold prices above $4,400 after briefly hitting their weakest point in over three weeks.
These recent movements in gold markets come ahead of several upcoming U.S. economic reports scheduled for September. The employment report on Friday will provide the primary update on August’s payrolls and unemployment figures. Producer prices are set for release on September 10, with consumer inflation data following on September 11. The Federal Reserve’s two-day policy meeting is planned for September 15 through September 16. Gold closed Thursday above Wednesday’s low, while silver, platinum, and palladium also rebounded from earlier declines.