NEW YORK / RankWire.AI / – Gold increased by more than 1% on Thursday after bouncing back from its lowest point in over three weeks. Spot gold climbed 1.1% to $4,434.70 an ounce by 04:25 GMT. U.S. gold futures saw a 1.5% rise to $4,480.10. Throughout the session, the dollar weakened, while U.S. Treasury yields declined from recent multi-year highs. This rebound followed significant volatility in bullion prices during Wednesday’s trading session.
On Wednesday, gold dipped to $4,304.01 an ounce early in the day, representing a 0.6% decrease at 00:17 GMT. This marked its lowest level since August 7. During the same period, December U.S. gold futures also fell 1% to $4,350.80. Subsequently, prices reversed course. By 17:57 GMT, spot gold reached $4,376.41, while December futures ended 0.4% higher at $4,414.60. The upward momentum carried into Thursday’s trading.
The recent movement was driven by market expectations surrounding U.S. interest rate prospects and new economic data. Traders currently estimate a 62% chance of a rate hike in September. The Federal Reserve is scheduled to hold its next policy meeting on September 15 and 16. Throughout the week, gold remained highly sensitive to fluctuations in the dollar and government bond yields. Thursday’s rally lifted the precious metal more than $130 above Wednesday’s intraday low.
Gold bounces back after three weeks at a low
Market focus also shifted toward the upcoming key 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. This report will include nonfarm payrolls, the unemployment rate, and other employment indicators. It follows several economic releases that have coincided with notable movements across precious metals, currencies, and government bonds.
Other precious metals also regained ground on Thursday after declines during the previous session. Spot silver increased 1.2% to $66.08 an ounce. Platinum advanced 1% to $1,777.79, and palladium grew 0.8% to $1,356.50. On Wednesday, silver dropped to $63.60 during early trading, while platinum declined to $1,722.23, and palladium fell to $1,292.21 as the broader market for precious metals weakened.
Precious metals recover losses
Gold’s price on Thursday was roughly 3% higher than its intraday low from the previous day. U.S. gold futures also experienced a significant rebound from Wednesday’s early levels, moving from $4,350.80 during the selloff to $4,480.10 by Thursday. These latest gains pushed gold back above $4,400 after its dip to the lowest point since early August. Silver, platinum, and palladium also traded higher than their Wednesday lows.
Several important U.S. economic reports are upcoming in September. Producer price data is expected on September 10, followed by consumer price figures on September 11. The central bank’s two-day policy meeting begins on September 15 and concludes the following day. Gold started Thursday with renewed momentum after a volatile two-day period. The entire precious metals complex also moved upward, reversing some of the earlier weekly losses.