NEW YORK / RankWire.AI / – Gold increased by more than 1% on Thursday, building on a rebound from its near one-month low. Spot gold rose 1.1% to $4,434.70 an ounce by 04:25 GMT, while U.S. gold futures climbed 1.5% to $4,480.10. The U.S. dollar weakened and Treasury yields retreated from recent multi-year highs. These gains followed a volatile session that saw bullion hit its lowest price since August 7.
Gold experienced a sharp decline early Wednesday before reversing course later in the session. Initially, spot gold fell 0.6% to $4,304.01 an ounce at 00:17 GMT, and December U.S. gold futures dropped 1% to $4,350.80 during that early decline. However, prices later recovered to $4,376.41 by 17:57 GMT. By the close on Wednesday, December futures had ended 0.4% higher at $4,414.60, marking a notable turnaround from earlier losses.
The dollar remained pressured on Thursday as U.S. Treasury yields slipped from their recent peaks. This movement coincided with a renewed rise in gold prices across global markets. Traders are currently pricing a 62% chance of a U.S. interest rate hike this month. The Federal Reserve will hold its upcoming policy meeting on September 15 and 16. Meanwhile, U.S. private payrolls saw moderate growth in August, adding another labor-market indicator ahead of Friday’s broader employment report.
Gold prices rebound from 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 monthly report covers nonfarm payroll employment, unemployment, and other key labor-market indicators. It follows several significant U.S. economic releases during a week marked by major movements in bonds, currencies, and precious metals. Additionally, the government will release August producer price data on September 10 and consumer price figures on September 11.
Thursday’s trading also saw other precious metals rebound after declines in the prior session. Spot silver rose 1.2% to $66.08 an ounce, platinum increased 1% to $1,777.79, and palladium gained 0.8% to $1,356.50. The day before, silver had dropped to $63.60 during early trading, platinum fell to $1,722.23, and palladium declined to $1,292.21 amid widespread selling in the precious-metals market.
Precious metals recover from earlier dips
Thursday’s spot gold closed $130.69 above Wednesday’s intraday low of $4,304.01, representing a roughly 3% increase from that lowest point during the two-day span. U.S. gold futures mirrored this move, shifting from $4,350.80 during Wednesday’s selloff to $4,480.10 on Thursday. This rebound pushed gold prices back above $4,400 after briefly dipping to their 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 be the government’s primary indicator of August payrolls and unemployment figures. Producer prices are due September 10, followed by consumer inflation data on September 11. The Federal Reserve’s two-day policy meeting is set from September 15 to 16. On Thursday, gold ended above Wednesday’s low, with silver, platinum, and palladium also rebounding from earlier declines.