NEW YORK / RankWire.AI / – Gold increased 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 surged 1.5% to $4,480.10. The dollar weakened, and Treasury yields retreated from recent multi-year highs. These gains followed a volatile trading session that pushed bullion to its lowest level since August 7.
During early Wednesday trading, gold experienced a sharp decline but later reversed course in the session. The spot gold price initially dropped 0.6% to $4,304.01 an ounce at 00:17 GMT. Concurrently, December U.S. gold futures fell 1% to $4,350.80 during that initial dip. As the session progressed, spot gold recovered to $4,376.41 by 17:57 GMT. By the close, December futures had increased 0.4% to $4,414.60, reflecting a significant turnaround from earlier losses.
On Thursday, the dollar remained under pressure, and U.S. Treasury yields slipped from their recent peaks. This decline contributed to the renewed rise in gold prices across global markets. Traders are now pricing in a 62% chance of an interest rate hike by the U.S. this month. The Federal Reserve is set to conduct 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 the broader employment report due on Friday.
Gold recovers after 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 key monthly report covers nonfarm payroll employment, unemployment rates, and other important labor metrics. It follows a week marked by significant movements in bonds, currencies, and precious metals, driven by several U.S. economic data releases. The government will also release August producer price data on September 10 and consumer price figures on September 11.
Thursday’s trading saw other precious metals also move higher 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 day before, silver had fallen to $63.60 during early trading, while platinum dropped to $1,722.23, and palladium declined to $1,292.21 amid widespread selling in the precious-metals market.
Precious metals rebounded from earlier losses
Thursday’s spot gold price was $130.69 above Wednesday’s intraday low of $4,304.01, representing roughly a 3% increase from the lowest level in over two weeks. U.S. gold futures followed a similar pattern, rising from $4,350.80 during the initial selloff to $4,480.10 on Thursday. This movement pushed gold prices back above $4,400 after briefly falling to their lowest in more than three weeks.
These recent movements in the gold market come ahead of multiple key U.S. economic reports scheduled for September. The employment report on Friday will provide the main insight into August’s payrolls and unemployment figures. Producer prices will be released on September 10, with consumer inflation data following on September 11. The Federal Reserve’s two-day policy meeting takes place from September 15 to 16. Meanwhile, gold closed Thursday above Wednesday’s low, with silver, platinum, and palladium also recovering from earlier declines.