Gold Near $4,500 on Thursday

Gold held near $4,500 per ounce on Thursday, trading at $4,479.58 at 21:03 ET (01:03 GMT), after an overnight rally of almost 2%. Gold futures slipped 0.3% to $4,525.49, while spot silver rose 0.1% to $67.05 and spot platinum fell 0.5% to $1,813.71. The U.S. Dollar Index was essentially flat at 98.98.

Fed Governor’s Rate Outlook

Federal Reserve Governor Christopher Waller signaled that he could support keeping the policy rate unchanged at the September 15‑16 meeting if incoming data confirm that inflation continues to cool. He emphasized that August inflation numbers will heavily influence his decision, while leaving the door open to a hike should price pressures re‑emerge. Consequently, market estimates of a September hike dropped to roughly even odds, down from about 70% earlier in the week.

Market Drivers for Gold

A weaker U.S. dollar, lower Treasury yields and a Japanese yen that strengthened nearly 2%—its best day since authorities intervened a month earlier—provided additional support for gold, making the metal cheaper for buyers using other currencies. Lower rates generally favour gold because bullion yields no interest, reducing the relative advantage of yield‑producing assets.

Upcoming Economic Data

Traders now focus on Friday’s U.S. non‑farm payrolls report and next week’s inflation releases as the next major tests for the rate outlook.

Recent Price Movements and Technical Context

Earlier in the week gold fell to around $4,282, its lowest level in almost four weeks, before rebounding. Senior market analyst Tony Sycamore of IG noted that the latest gains were aided by easing pressure from energy prices, Treasury yields and the dollar after signs that the recent Middle‑East flare‑up may have peaked. He observed that gold remains above the late‑June low of $3,942, supporting his medium‑term view that the metal has established a base near that level. Although the price briefly slipped below the 200‑day moving average around $4,526 last week, Sycamore said the short‑term technical damage does not alter the broader bullish perspective.

Geopolitical Sensitivity

Gold continues to be sensitive to developments in the Middle East; earlier fighting had pushed oil prices higher and revived inflation concerns, but a recent moderation in energy pressure has reduced that headwind.