NEW YORK / RankWire.AI / – Gold experienced an increase of over 1% on Thursday, bouncing back from a nearly month-long low. The spot price for gold rose 1.1% to $4,434.70 per ounce by 04:25 GMT, while U.S. gold futures gained 1.5% to $4,480.10. Meanwhile, the U.S. dollar weakened, and Treasury yields retreated from recent multi-year highs. These gains followed a volatile session that pushed bullion to its lowest point since August 7.
Earlier in Wednesday’s trading, gold saw a sharp decline before reversing course later in the day. At 00:17 GMT, spot gold initially dropped 0.6% to $4,304.01 an ounce. During that early decline, December U.S. gold futures also fell 1% to $4,350.80. However, prices recovered later in the day to reach $4,376.41 by 17:57 GMT. On Wednesday, December futures closed 0.4% higher at $4,414.60, marking a significant turnaround from the earlier losses.
On Thursday, the dollar remained under pressure, and U.S. Treasury yields slipped from recent peaks. These moves coincided with a renewed increase in gold prices across global markets. Traders are pricing in a 62% likelihood of an interest rate hike in the U.S. this month. The Federal Reserve is scheduled to hold its next policy meeting on September 15 and 16. August saw a moderate increase in U.S. private payrolls, adding another piece of labor-market data ahead of Friday’s broader employment report.
Gold prices climb back 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 essential labor-market indicators. It follows a week of significant movements across bonds, currencies, and precious metals, with multiple U.S. economic releases. Producer price data for August will be released on September 10, followed by consumer price figures on September 11.
Other valuable metals also gained during Thursday’s trading after declines the previous session. Spot silver increased by 1.2% to $66.08 an ounce. Platinum rose 1% to $1,777.79, while palladium edged up 0.8% to $1,356.50. A day earlier, silver fell to $63.60 in early trading, platinum dropped to $1,722.23, and palladium declined to $1,292.21 amid widespread selling in the precious-metals sector.
Precious metals recover from prior dips
On Thursday, spot gold closed at $130.69 above Wednesday’s intraday low of $4,304.01, representing roughly a 3% rise from that low point during the two-day span. U.S. gold futures experienced a similar trend, moving from $4,350.80 during Wednesday’s selloff to $4,480.10 on Thursday. This shift pushed gold prices back above $4,400 after briefly hitting their lowest in over three weeks.
These recent movements in gold markets come ahead of several key U.S. economic data releases scheduled for September. The employment report on Friday will be the primary government update on August payrolls and unemployment. Producer prices will be published on September 10, with consumer inflation data expected on September 11. The Federal Reserve’s two-day policy meeting is set for September 15 and 16. As of Thursday, gold stayed above Wednesday’s low, with silver, platinum, and palladium also rebounding from earlier declines.