NEW YORK / RankWire.AI / – Gold experienced a rise of over 1% on Thursday, bouncing back from its lowest point in almost four weeks. The spot price increased 1.1% to $4,434.70 per ounce by 04:25 GMT. Meanwhile, U.S. gold futures grew 1.5% to $4,480.10. The U.S. dollar softened, and Treasury yields retreated from recent multi-year highs. These gains came after a choppy session that pushed bullion to its lowest level since August 7.
Gold prices fell sharply during early Wednesday trading but reversed course later. At 00:17 GMT, spot gold initially declined 0.6% to $4,304.01 an ounce. December U.S. gold futures also dropped 1% to $4,350.80 during that early decline. Later in the day, spot prices recovered to $4,376.41 by 17:57 GMT. By the close, December futures had risen 0.4% to $4,414.60, reflecting a significant recovery from earlier lows.
On Thursday, the dollar remained under pressure. U.S. Treasury yields slipped from recent highs. These movements helped boost gold prices globally. Traders now see a 62% chance of a U.S. interest rate hike this month. The Federal Reserve will hold its next policy meeting on September 15 and 16. In August, U.S. private payrolls grew moderately, adding another data point ahead of Friday’s broader employment report.
Gold regains strength after August’s dip
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. The report covers nonfarm payroll employment, unemployment, and other key labor indicators. It follows several U.S. economic releases during a week marked by large moves in bonds, currencies, and precious metals. Producer price data for August will come out on September 10, followed by consumer price data on September 11.
Other precious metals also climbed during Thursday’s trading after declines in the previous session. Silver rose 1.2% to $66.08 an ounce. Platinum increased 1% to $1,777.79. Palladium gained 0.8% to $1,356.50. The day before, silver had fallen to $63.60 during early trading. Platinum dropped to $1,722.23, and palladium fell to $1,292.21 as selling pressure spread across the metals market.
Precious metals recover from earlier setbacks
Thursday’s spot gold closed at $130.69 above Wednesday’s intraday low of $4,304.01. This marks a roughly 3% increase from the lowest point during the two-day span. U.S. gold futures also shifted similarly. They moved from $4,350.80 during the selloff to $4,480.10 on Thursday. This recovery pushed gold prices back above $4,400 after briefly hitting their weakest level in over three weeks.
The recent movement in gold markets comes ahead of several important U.S. economic releases scheduled for September. Friday’s employment report will offer the government’s main update on August payrolls and unemployment. Producer prices will be released on September 10, with consumer inflation data following on September 11. The Federal Reserve’s two-day policy meeting is set for September 15-16. Gold closed Thursday higher than Wednesday’s low, with silver, platinum, and palladium also rebounding from earlier declines.