Gold Price Rises Above $4,400 as Dollar Falls and Treasury Yields Drop

TLDR

• Gold climbed above $4,400 an ounce on Thursday, rising 0.9% to $4,429.23
• A weaker US dollar and falling Treasury yields drove the rebound
• Fed’s NY President John Williams said inflation is continuing to ease
• US companies added just 38,000 jobs in August, cooling rate hike expectations
• Friday’s nonfarm payrolls report is now the key focus for gold traders

Gold prices pushed back above $4,400 an ounce on Thursday, extending a rebound that began in the previous session. The metal rose 0.9% to $4,429.23, while gold futures gained 1.4% to $4,474.75.

The move higher came as the US Dollar Index slipped 0.2% to 99.39. A weaker dollar typically supports gold, as the metal becomes cheaper for buyers holding other currencies.

Treasury yields also pulled back from recent highs. Lower yields reduce the appeal of income-generating assets, making gold more attractive by comparison.

Silver joined the rally, with the spot price rising 0.6% to $65.75 an ounce. Platinum also gained, up 0.8% to $1,774.92.

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