NEW YORK / RankWire.AI / – Gold climbed more than 1% on Thursday after rebounding from its lowest level in more than three weeks. Spot gold rose 1.1% to $4,434.70 an ounce by 04:25 GMT. U.S. gold futures advanced 1.5% to $4,480.10. The dollar weakened during the session, while U.S. Treasury yields moved lower from recent multi-year highs. The rebound followed sharp swings in bullion prices during Wednesday trading.
Gold had fallen to $4,304.01 an ounce early Wednesday, down 0.6% at 00:17 GMT. That level marked its weakest point since August 7. December U.S. gold futures also fell 1% to $4,350.80 during the early decline. Prices later reversed direction. Spot gold reached $4,376.41 by 17:57 GMT, while December futures settled 0.4% higher at $4,414.60. The recovery continued into Thursday trading.
The latest move came as markets tracked U.S. interest rate expectations and fresh economic data. Traders priced a 62% probability of a September rate increase. The Federal Reserve will hold its next policy meeting on September 15 and 16. Gold remained sensitive to shifts in the dollar and government bond yields during the week. Thursday’s advance placed bullion more than $130 above Wednesday’s intraday low.
Gold rebounds after three-week low
Attention also turned to the next major U.S. labor market release. The U.S. Bureau of Labor Statistics will publish the August Employment Situation report on Friday, September 4. The release is scheduled for 8:30 a.m. Eastern Time. It will include nonfarm payrolls, the unemployment rate and other employment measures. The report follows several economic releases that have coincided with large moves across precious metals, currencies and government bonds.
Other precious metals also recovered on Thursday after losses in the previous session. Spot silver rose 1.2% to $66.08 an ounce. Platinum gained 1% to $1,777.79, while palladium increased 0.8% to $1,356.50. On Wednesday, 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 the broader precious metals market weakened.
Precious metals regain ground
Gold’s Thursday level stood about 3% above the intraday low recorded a day earlier. U.S. gold futures also posted a strong recovery from Wednesday’s early level. Futures moved from $4,350.80 during the selloff to $4,480.10 on Thursday. The latest gains returned gold above $4,400 after its brief slide to the lowest point since early August. Silver, platinum and palladium also traded above their Wednesday lows.
Several scheduled U.S. economic releases remain on the September calendar. Producer price data is due on September 10, followed by consumer price figures on September 11. The central bank’s two-day policy meeting starts on September 15 and concludes the next day. Gold entered Thursday with renewed gains after a volatile two-day stretch. The broader precious metals complex also moved higher, reversing part of the losses recorded earlier in the week.