NEW YORK / RankWire.AI / – Gold rose more than 1% on Thursday, extending a rebound from its lowest level in nearly a month. Spot gold gained 1.1% to $4,434.70 an ounce by 04:25 GMT. U.S. gold futures climbed 1.5% to $4,480.10. The U.S. dollar weakened while Treasury yields retreated from recent multi-year highs. The gains followed a volatile session that sent bullion to its lowest price since August 7.
Gold had dropped sharply during early Wednesday trading before reversing course later in the session. Spot gold initially fell 0.6% to $4,304.01 an ounce at 00:17 GMT. December U.S. gold futures also dropped 1% to $4,350.80 during that early decline. Spot prices later recovered to $4,376.41 by 17:57 GMT. December futures ended Wednesday 0.4% higher at $4,414.60, marking a significant turnaround from the earlier losses.
The dollar remained under pressure on Thursday, while U.S. Treasury yields slipped from their recent peaks. Those moves accompanied the renewed rise in gold prices across international markets. Traders priced a 62% probability of a U.S. interest rate increase this month. The Federal Reserve will hold its next policy meeting on September 15 and 16. U.S. private payrolls increased moderately in August, adding another labor-market reading before Friday’s broader employment report.
Gold prices recover from August low
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 monthly report includes nonfarm payroll employment, unemployment and other key labor-market measures. It follows several U.S. economic releases during a week of large moves in bonds, currencies and precious metals. The government will also publish August producer price data on September 10 and consumer price data on September 11.
Other precious metals also moved higher during Thursday trading after falling in the previous session. Spot silver rose 1.2% to $66.08 an ounce. Platinum climbed 1% to $1,777.79, while palladium gained 0.8% to $1,356.50. A day earlier, silver had fallen to $63.60 during early trading. Platinum had dropped to $1,722.23, while palladium had declined to $1,292.21 as selling spread across the precious-metals market.
Precious metals reverse earlier losses
Thursday’s spot gold price stood $130.69 above Wednesday’s intraday low of $4,304.01. That represents a rise of about 3% from the lowest level recorded during the two-day period. U.S. gold futures showed a similar change from their early Wednesday level. Futures moved from $4,350.80 during the selloff to $4,480.10 on Thursday. The shift returned gold above $4,400 after prices had briefly fallen to their weakest level in more than three weeks.
The latest gold market moves come ahead of several scheduled U.S. economic releases in September. Friday’s employment report will provide the government’s main reading on August payrolls and unemployment. Producer prices follow on September 10, with consumer inflation data due the next day. The central bank’s two-day policy meeting then runs from September 15 through September 16. Gold entered Thursday above Wednesday’s low, while silver, platinum and palladium also recovered from their earlier declines.