NEW YORK / RankWire.AI / – Gold experienced an increase of over 1% on Thursday, rebounding from a more than three-week low. Spot gold climbed 1.1% to $4,434.70 an ounce by 04:25 GMT, while U.S. gold futures gained 1.5% to $4,480.10. The session saw the dollar weaken, and U.S. Treasury yields declined from recent multi-year highs. This recovery followed sharp fluctuations in bullion prices during Wednesday trading.
Early Wednesday, gold fell to $4,304.01 an ounce, representing a 0.6% decrease at 00:17 GMT, marking its lowest point since August 7. During the early decline, December U.S. gold futures also dropped 1% to $4,350.80 before reversing course. By 17:57 GMT, spot gold reached $4,376.41, and December futures settled 0.4% higher at $4,414.60. The upward movement persisted into Thursday trading.
The latest rise was influenced by market reactions to U.S. interest rate expectations and fresh economic data. Traders assigned a 62% chance of a rate hike in September. The Federal Reserve will hold its next policy meeting on September 15 and 16. Throughout the week, gold has been sensitive to shifts in the dollar and government bond yields. Thursday’s increase lifted bullion more than $130 above Wednesday’s intraday low.
Gold rebounds after three-week low
Focus also shifted to the upcoming major U.S. labor market report, with the U.S. Bureau of Labor Statistics set to release the August Employment Situation on Friday, September 4, at 8:30 a.m. Eastern Time. This report will include nonfarm payrolls, the unemployment rate, and other employment indicators, following several economic releases that have caused large swings across precious metals, currencies, and government bonds.
Thursday saw other precious metals recover after Wednesday’s declines. Spot silver rose 1.2% to $66.08 an ounce, platinum gained 1% to $1,777.79, and palladium increased 0.8% to $1,356.50. During Wednesday’s early trading, silver had fallen to $63.60, platinum to $1,722.23, and palladium to $1,292.21 as the broader market weakened.
Precious metals regain momentum
Thursday’s gold price was roughly 3% above its intraday low from the previous day. U.S. gold futures also saw a solid recovery, moving from $4,350.80 during Wednesday’s selloff to $4,480.10 on Thursday. These latest gains pushed gold above $4,400 after it briefly dipped to its lowest point since early August. Silver, platinum, and palladium also traded above their Wednesday lows.
Several key U.S. economic reports are still scheduled for September, including producer price data on September 10 and consumer price figures on September 11. The central bank’s two-day policy meeting begins on September 15 and concludes the following day. Gold’s rally on Thursday came after a volatile two-day period, with the broader precious metals complex also recovering some earlier losses from this week.