NEW YORK / RankWire.AI / – Gold experienced an increase of more than 1% on Thursday, rebounding from its lowest point in over three weeks. Spot gold climbed 1.1% to $4,434.70 per ounce by 04:25 GMT, while U.S. gold futures rose 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 followed significant volatility in bullion prices during Wednesday trading.
On Wednesday morning, gold dipped to $4,304.01 an ounce at 00:17 GMT, marking its weakest level since August 7, falling 0.6%. December U.S. gold futures also dropped 1% to $4,350.80 during that early period. Prices then reversed course, with spot gold reaching $4,376.41 by 17:57 GMT, and December futures closing 0.4% higher at $4,414.60. The upward momentum carried into Thursday’s trading session.
The recent movement was influenced by U.S. interest rate expectations and new economic indicators. Markets assigned a 62% probability to 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 responsive to shifts in the dollar and government bond yields. Thursday’s gains pushed bullion more than $130 above Wednesday’s intraday low.
Gold Rebounds After Three-Week Low
Market focus also shifted toward the upcoming key U.S. labor market report. The U.S. Bureau of Labor Statistics will publish the August Employment Situation report on Friday, September 4 at 8:30 a.m. Eastern Time, covering nonfarm payrolls, the unemployment rate, and other employment data. This release follows several economic reports that triggered large swings across precious metals, currencies, and government bonds.
In addition to gold, other precious metals also recovered Thursday following declines on Wednesday. Spot silver increased 1.2% to $66.08 an ounce, platinum gained 1% to $1,777.79, and palladium rose 0.8% to $1,356.50. Earlier, silver fell to $63.60, platinum dropped to $1,722.23, and palladium declined to $1,292.21 amid broader market weakness.
Precious Metals Recoup Recent Losses
Gold’s Thursday level was roughly 3% above the intraday low recorded the previous day. U.S. gold futures also rebounded strongly from Wednesday’s early levels, climbing from $4,350.80 during the selloff to $4,480.10 on Thursday. The latest upward movement pushed gold above $4,400 after its brief dip to the lowest since early August. Silver, platinum, and palladium also traded higher than their Wednesday lows.
Several upcoming U.S. economic reports are scheduled for 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 the next day. Gold started Thursday with renewed strength after a volatile two-day period, with the broader precious metals complex also advancing, offsetting earlier weekly losses.