NEW YORK / RankWire.AI / – Gold experienced a rise of more than 1% on Thursday, bouncing back from its lowest level in over three weeks. As of 04:25 GMT, spot gold increased 1.1% to $4,434.70 per ounce, while U.S. gold futures climbed 1.5% to $4,480.10. During the trading session, the dollar weakened, and U.S. Treasury yields declined from recent multi-year peaks. This recovery followed sharp fluctuations in bullion prices seen during Wednesday’s trading.
On Wednesday early morning, gold dipped to $4,304.01 an ounce, down 0.6% at 00:17 GMT, marking its lowest point since August 7. During this decline, December U.S. gold futures also dropped 1% to $4,350.80. However, prices shifted direction later in the day. By 17:57 GMT, spot gold had risen to $4,376.41, and December futures settled 0.4% higher at $4,414.60. The upward momentum carried into Thursday’s trading session.
This move was driven by market speculation around U.S. interest rate expectations and recent economic data. Traders are now pricing 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 has remained highly responsive to changes in the dollar and government bond yields. The gains on Thursday lifted bullion more than $130 above the intraday low reached on Wednesday.
Gold rebounds after reaching three-week low
Market focus has also shifted to the upcoming U.S. labor market 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 nonfarm payrolls, the unemployment rate, and other employment data. This release follows several economic reports that have influenced significant movements across precious metals, currencies, and government bonds.
Other precious metals also saw gains on Thursday after experiencing declines in the previous session. Spot silver increased 1.2% to $66.08 an ounce. Platinum advanced 1% to $1,777.79, while palladium rose 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 amid broader market weakness in precious metals.
Precious metals regain momentum
Gold’s price on Thursday was approximately 3% higher than its intraday low from the previous day. U.S. gold futures also recovered strongly from Wednesday’s early levels, moving from $4,350.80 during the selloff to $4,480.10 on Thursday. The latest upward push pushed gold above $4,400 after a brief dip to its lowest since early August. Silver, platinum, and palladium also traded above their Wednesday lows.
Several upcoming U.S. economic indicators are scheduled for release in September. Producer price data is expected on September 10, followed by consumer price figures on September 11. The Fed’s two-day policy meeting begins on September 15 and concludes on September 16. Gold started Thursday with renewed momentum after a volatile two-day period. The overall precious metals sector also moved higher, partially reversing earlier losses this week.