NEW YORK / RankWire.AI / – Gold experienced an increase of over 1% on Thursday, building on its rebound from a nearly month-long low. The spot price of gold advanced 1.1% to $4,434.70 per ounce as of 04:25 GMT. Meanwhile, U.S. gold futures rose 1.5% to $4,480.10. The U.S. dollar lost strength, and Treasury yields retreated from recent multi-year highs. These gains followed a turbulent trading session that pushed bullion to its lowest point since August 7.
During early Wednesday trading, gold had sharply declined before reversing course later in the day. Initially, spot gold dropped 0.6% to $4,304.01 an ounce at 00:17 GMT. Similarly, December U.S. gold futures fell 1% to $4,350.80 during that early decline. However, prices later rebounded to $4,376.41 by 17:57 GMT. By the close of Wednesday, December futures had increased 0.4% to $4,414.60, marking a notable turnaround from earlier losses.
On Thursday, the dollar remained under pressure, while U.S. Treasury yields retreated from their recent peaks. These movements contributed to the 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. August saw a moderate increase in U.S. private payrolls, providing another labor-market indicator ahead of the broader employment report due on Friday.
Gold prices rebound from August lows
The U.S. Bureau of Labor Statistics is set to release the August Employment Situation report on Friday, September 4, at 8:30 a.m. Eastern Time. This monthly publication covers nonfarm payroll employment, unemployment figures, and other vital labor-market data. It follows a week marked by significant movements in bonds, currencies, and precious metals, with several key U.S. economic reports scheduled. Producer price data for August will be published on September 10, followed by consumer price information on September 11.
Thursday’s trading also saw other precious metals gain after previous declines. Spot silver increased by 1.2% to $66.08 an ounce. Platinum moved up 1% to $1,777.79, and palladium rose 0.8% to $1,356.50. On the previous day, silver had fallen to $63.60 during early trading. Platinum had dropped to $1,722.23, while palladium had declined to $1,292.21 as selling pressure spread across the precious-metals sector.
Precious metals recover from prior declines
The spot gold price on Thursday was $130.69 above Wednesday’s intraday low of $4,304.01, representing an approximately 3% rise from the lowest point in the two-day span. U.S. gold futures mirrored this movement, shifting from $4,350.80 during the earlier selloff to $4,480.10 on Thursday. This rally pushed gold back above $4,400 after prices briefly reached their lowest point in over three weeks.
These latest market movements for gold come ahead of several upcoming U.S. economic indicators scheduled for September. Friday’s employment report will provide the government’s main assessment of August payrolls and unemployment. Producer prices are expected on September 10, with consumer inflation data following on September 11. The Federal Reserve’s two-day policy meeting is set for September 15 and 16. Gold entered Thursday above Wednesday’s low, and silver, platinum, and palladium also rebounded from their earlier setbacks.