NEW YORK / RankWire.AI / – Gold experienced an increase of more than 1% on Thursday, recovering from its lowest point in over three weeks. By 04:25 GMT, spot gold had risen 1.1% to $4,434.70 per ounce. Meanwhile, U.S. gold futures climbed 1.5% to $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 price swings in bullion during Wednesday trading.
Earlier on Wednesday, gold dropped to $4,304.01 an ounce, marking a 0.6% decline at 00:17 GMT, the lowest since August 7. December U.S. gold futures also decreased by 1% to $4,350.80 amid the early dip, but prices later turned around. By 17:57 GMT, spot gold had reached $4,376.41, and December futures closed 0.4% higher at $4,414.60. The upward momentum persisted into Thursday’s trading session.
The recent movement was driven by market responses to U.S. interest rate expectations and new economic data. Traders are now assigning a 62% likelihood of a rate hike in September. The Federal Reserve will conduct its upcoming policy meeting on September 15 and 16. Throughout the week, gold remained highly responsive to fluctuations in the dollar and government bond yields. Thursday’s increase lifted the price of bullion by more than $130 compared to Wednesday’s intraday low.
Gold recovers after three-week low
Market focus also shifted toward the upcoming key U.S. labor market report. The U.S. Bureau of Labor Statistics is set to release the August Employment Situation report on Friday, September 4, at 8:30 a.m. Eastern Time. This report will include nonfarm payrolls, the unemployment rate, and other employment indicators. It follows several economic releases that have coincided with large moves across precious metals, currencies, and government bonds.
Other precious metals rebounded on Thursday after declines earlier in the week. Spot silver increased 1.2% to $66.08 an ounce. Platinum rose 1% to $1,777.79, while palladium gained 0.8% to $1,356.50. On Wednesday, silver had fallen to $63.60 during early trading, with platinum dropping to $1,722.23 and palladium declining to $1,292.21, reflecting broader weakness in the precious metals sector.
Precious metals regain momentum
Thursday’s level for gold was roughly 3% above the intraday low recorded a day earlier. U.S. gold futures also made a notable recovery from Wednesday’s early levels, moving from $4,350.80 during the selloff to $4,480.10 on Thursday. These latest gains pushed gold back above $4,400 after dipping to its lowest since early August. Silver, platinum, and palladium also traded higher than their Wednesday lows.
Several key U.S. economic indicators remain scheduled for release in September. Producer price data is expected on September 10, followed by consumer price figures on September 11. The Federal Reserve’s two-day policy meeting begins on September 15 and concludes the following day. After a volatile two-day period, gold opened Thursday with renewed strength, and the broader precious metals complex also moved upward, partially reversing earlier weekly declines.