Gold Soars 1.2% on Easing Treasury Yields and Weaker Dollar

Gold prices rose in European trading on Thursday, extending gains for a second consecutive day. The advance is also being supported by declines in US Treasury yields ahead of the August employment report.

The price of gold rose 1.2% to $4,440.35, from an opening level of $4,388.31, after recording a session low of $4,381.23. The metal has been recovering from a four-week low of $4,282.65 an ounce.

The decline in US Treasury yields put additional downward pressure on the US dollar, which fell around 0.2% on Thursday, extending losses for a second consecutive session. A weaker US currency makes gold more attractive to buyers holding other currencies.