NEW YORK / RankWire.AI / – Gold experienced an increase of over 1% on Thursday, rebounding 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. Additionally, U.S. gold futures surged 1.5% to $4,480.10. The U.S. dollar weakened, while Treasury yields retreated from their recent multi-year highs. These gains followed a turbulent trading session that pushed bullion to its lowest value since August 7.
Earlier on Wednesday, gold prices plunged sharply before reversing course later in the trading day. At 00:17 GMT, spot gold initially declined 0.6% to $4,304.01 an ounce. During that early trading period, December U.S. gold futures also fell 1% to $4,350.80. However, later in the day, spot prices recovered to $4,376.41 by 17:57 GMT, and December futures closed 0.4% higher at $4,414.60, marking a notable turnaround from the earlier losses.
The dollar remained under downward pressure on Thursday, with U.S. Treasury yields declining from recent peaks. These movements coincided with the renewed upward momentum in gold prices across international markets. Traders are pricing in a 62% probability of a U.S. interest rate hike this month. The Federal Reserve will conduct its next policy meeting on September 15 and 16. U.S. private payrolls saw modest growth in August, providing additional insight into the labor market ahead of Friday’s broader employment report.
Gold recovers from August lows
The U.S. Bureau of Labor Statistics will announce the August Employment Situation report on Friday, September 4, at 8:30 a.m. Eastern Time. This monthly publication covers nonfarm payroll employment, unemployment rates, and other vital labor-market indicators. It follows a week marked by significant movements in bonds, currencies, and precious metals, after several key U.S. economic releases. The government is also set to release August producer price data on September 10 and consumer price data on September 11.
Thursday’s trading also saw other precious metals bounce back after declines in the previous session. Spot silver gained 1.2% to $66.08 an ounce. Platinum increased 1% to $1,777.79, while palladium rose 0.8% to $1,356.50. The day before, silver had dipped to $63.60 during early trading, platinum fell to $1,722.23, and palladium declined to $1,292.21 amid widespread selling in the market for these metals.
Precious metals turn around from earlier lows
On Thursday, the spot gold price was $130.69 higher than Wednesday’s intraday low of $4,304.01. This represents roughly a 3% increase from the lowest point observed during the two-day span. U.S. gold futures displayed a similar trend, moving from $4,350.80 during the early selloff to $4,480.10 on Thursday. This shift pushed gold back above $4,400 after briefly hitting its lowest level in over three weeks.
These recent developments in gold markets come ahead of multiple upcoming U.S. economic reports scheduled for September. The employment report on Friday will provide the main data on August payrolls and unemployment. Producer prices will be released on September 10, followed by consumer inflation figures on September 11. The Federal Reserve’s two-day policy meeting is set for September 15 and 16. Meanwhile, gold closed Thursday above Wednesday’s low, with silver, platinum, and palladium also rebounding from earlier declines.