Gold Rebounds Above $4,400 — Can Bulls Push Higher?

Gold extended its recovery on Thursday, climbing back above $4,400/oz after falling to around $4,282, its lowest level in nearly four weeks. The rebound was supported by lower US Treasury yields and a softer US dollar.

However, the upside remains limited by expectations of a September Fed rate hike. Higher oil prices are also keeping inflation risks elevated, which could put renewed pressure on Treasury yields and gold.

For gold traders, the key driver remains the US dollar and bond yields. Further declines in yields could support XAU/USD, while a stronger dollar or renewed rate-hike bets could trigger another pullback.

The next major test will be Friday’s US Nonfarm Payrolls report. A weaker jobs report could ease Fed hike expectations and give gold more room to recover, while stronger employment data could push yields and the dollar higher.

Gold is back above $4,400, but the next move will likely depend on whether US jobs data reinforces or challenges the Fed’s hawkish outlook.