NEW YORK / RankWire.AI / – Gold experienced an increase of more than 1% on Thursday, marking a recovery from its lowest point in nearly a month. The spot price of gold moved up by 1.1% to reach $4,434.70 per ounce by 04:25 GMT. Meanwhile, U.S. gold futures rose 1.5% to close at $4,480.10. The U.S. dollar weakened amid a retreat in Treasury yields from their recent multi-year highs. These gains followed a turbulent trading session that saw bullion dip to its lowest price since August 7.
Gold prices took a nosedive early Wednesday but later reversed course during the trading session. Initially, spot gold declined 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 this early slide. However, later in the day, spot gold recovered to $4,376.41 by 17:57 GMT. By the close, December futures finished Wednesday 0.4% higher at $4,414.60, marking a notable turnaround from the earlier downturn.
On Thursday, the U.S. dollar remained under pressure, while U.S. Treasury yields pulled back from their recent peaks. These movements supported the renewed increase in gold prices across global markets. Traders are currently pricing in a 62% chance that the U.S. will raise interest rates this month. The Federal Reserve is scheduled to conduct its next policy meeting on September 15 and 16. Additionally, U.S. private payrolls showed moderate growth in August, providing another data point ahead of Friday’s broader employment report.
Gold Prices Bounce Back from August’s Low
The U.S. Bureau of Labor Statistics will publish its August Employment Situation report on Friday, September 4, at 8:30 a.m. Eastern Time. This monthly release covers key labor-market indicators such as nonfarm payroll employment and unemployment rates. The report follows a week marked by significant moves in bonds, currencies, and precious metals, after several major U.S. economic releases. Later in September, the government will also release producer price data on September 10 and consumer price data on September 11.
Thursday’s trading also saw other precious metals gain ground after recent declines. Spot silver increased 1.2% to $66.08 an ounce. Platinum rose by 1% to $1,777.79, while palladium advanced 0.8% to $1,356.50. The previous day, silver had dropped to $63.60 during early trading, platinum had fallen to $1,722.23, and palladium had dipped to $1,292.21 as selling pressure spread across the market for these metals.
Precious Metals Rebound After Earlier Declines
On Thursday, the spot gold price was $130.69 above Wednesday’s intraday low of $4,304.01. This indicates a roughly 3% increase from the lowest level seen during the two-day period. U.S. gold futures experienced a similar recovery, moving from $4,350.80 during the early selloff to $4,480.10 on Thursday. This upward shift pushed gold back above the $4,400 mark after briefly touching its lowest point in more than three weeks.
These recent movements in the gold market come ahead of several upcoming U.S. economic reports scheduled for September. The employment report on Friday will serve as the main indicator of August’s payroll and unemployment figures. Producer price data will be released on September 10, followed by consumer inflation statistics on September 11. The Federal Reserve’s two-day policy meeting is set for September 15 and 16. Despite the early decline, gold managed to stay above Wednesday’s low, while silver, platinum, and palladium also rebounded from earlier losses.