NEW YORK / RankWire.AI / – Gold saw an increase of over 1% on Thursday, bouncing back from its lowest point in more than three weeks. The spot price of gold climbed 1.1% to $4,434.70 per ounce by 04:25 GMT. Meanwhile, U.S. gold futures gained 1.5% to reach $4,480.10. During the session, the dollar weakened, and U.S. Treasury yields declined from recent multi-year highs. This rebound came after significant volatility in bullion prices during Wednesday trading.
Earlier on Wednesday, gold dropped to $4,304.01 an ounce at 00:17 GMT, marking a 0.6% decrease. This level represented its lowest since August 7. December U.S. gold futures also dipped 1% to $4,350.80 during the early decline but eventually turned around. By 17:57 GMT, spot gold had risen to $4,376.41, and December futures closed 0.4% higher at $4,414.60. The upward movement persisted into Thursday’s trading session.
The recent upward shift was driven by market movements in U.S. interest rate expectations and fresh economic data. Traders are now factoring in a 62% chance of a rate hike in September. The Federal Reserve is scheduled to hold its upcoming policy meeting on September 15 and 16. Throughout the week, gold remained sensitive to fluctuations in the dollar and government bond yields. The Thursday rally pushed bullion more than $130 above Wednesday’s intraday low.
Gold bounces back after three-week low
In addition, focus is shifting to the upcoming major U.S. employment report. The U.S. Bureau of Labor Statistics will release the August Employment Situation report on Friday, September 4, at 8:30 a.m. Eastern Time. The report will include data on nonfarm payrolls, the unemployment rate, and other key employment indicators. This release follows several economic reports that have coincided with significant movements across precious metals, currencies, and government bonds.
Other precious metals also recovered on Thursday after recent declines. Spot silver increased by 1.2% to $66.08 an ounce. Platinum rose 1% to $1,777.79, and palladium gained 0.8% to $1,356.50. During early trading on Wednesday, silver had dropped to $63.60, platinum to $1,722.23, and palladium to $1,292.21, reflecting broad weakness across the precious metals sector.
Precious metals regain momentum
Thursday’s gold price was roughly 3% above the intraday low from the previous day. U.S. gold futures also experienced a strong recovery, moving from $4,350.80 during the selloff to $4,480.10 on Thursday. These gains brought gold back above $4,400 after its brief dip to the lowest level since early August. Silver, platinum, and palladium also traded above their Wednesday lows.
Several upcoming U.S. economic indicators remain scheduled for September. Producer price data is set for September 10, followed by consumer price figures on September 11. The Federal Reserve’s two-day policy meeting begins on September 15 and concludes on September 16. Thursday’s gains reflected a recovery after a volatile two-day period, with the broader precious metals market also moving higher, partially reversing earlier week losses.