NEW YORK / RankWire.AI / – Gold experienced a gain of over 1% on Thursday, bouncing back from its lowest point in nearly a month. The spot price of gold increased by 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 weakened, and Treasury yields retreated from multi-year highs seen recently. These upward movements came after a highly volatile trading session that saw bullion fall to its lowest price since August 7.
Gold prices initially declined sharply during early Wednesday trading but later reversed course. At 00:17 GMT, spot gold had fallen 0.6% to $4,304.01 per ounce. December U.S. gold futures also dropped 1% to $4,350.80 during that early decline. As the day progressed, spot prices recovered to $4,376.41 by 17:57 GMT. The December futures contract closed Wednesday 0.4% higher at $4,414.60, signaling a notable turnaround from the earlier lows.
On Thursday, the dollar continued to face downward pressure, while U.S. Treasury yields slipped from their recent peaks. These movements coincided with the renewed increase in gold prices across global markets. Traders assigned a 62% chance of a U.S. interest rate hike this month. The Federal Reserve is set to hold its next policy meeting on September 15 and 16. Additionally, U.S. private payrolls showed moderate growth in August, adding another data point ahead of Friday’s broader employment report.
Gold recovers from August’s 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 rates, and other vital labor-market indicators. It follows a week marked by significant fluctuations in bonds, currencies, and precious metals, with several key U.S. economic releases. The government will also release producer price data for August on September 10 and consumer price data on September 11.
Other precious metals also gained during Thursday’s trading session after declining earlier. Spot silver increased by 1.2% to $66.08 an ounce. Platinum rose 1% to $1,777.79, while palladium climbed 0.8% to $1,356.50. The previous day, silver had dipped to $63.60 during early trading. Platinum had fallen to $1,722.23, and palladium declined to $1,292.21, as selling pressure affected the entire precious-metals market.
Precious metals recover from prior setbacks
Thursday’s spot gold price was $130.69 higher than Wednesday’s intraday low of $4,304.01, representing an approximate 3% increase from the recent bottom. U.S. gold futures also reflected this upward movement, climbing from $4,350.80 during Wednesday’s selloff to $4,480.10 on Thursday. This shift pushed gold back above $4,400 after briefly falling to its lowest level in more than three weeks.
These recent gold market movements precede several upcoming U.S. economic reports scheduled for September. Friday’s employment report will serve as the primary indicator of August payrolls and unemployment figures. Producer prices will be released on September 10, followed by consumer inflation data on September 11. The Federal Reserve’s two-day policy meeting is scheduled from September 15 through September 16. As of Thursday, gold remained above Wednesday’s low, with silver, platinum, and palladium also bouncing back from earlier declines.