NEW YORK / RankWire.AI / – Gold extended its upward trend for a third consecutive session on Tuesday, building on last week’s sharp rebound. Spot gold increased by 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest level since June 5 and surpassing the seven-week peak established last week. U.S. gold futures rose 1.7% to $4,492.60. This move followed gains on Friday and Monday, as global bullion markets responded to U.S. economic data and interest-rate expectations.
The recent upward movement in gold prices was triggered by weaker U.S. employment figures released on Friday. The U.S. Bureau of Labor Statistics reported a decline of 23,000 jobs in nonfarm payrolls for July. The unemployment rate stood at 4.1%, compared to 4.2% in June. During July, average hourly earnings increased by two cents to $37.62. According to government data, payroll employment had grown by an average of 34,000 jobs per month over the previous year.
The Federal Reserve maintained its benchmark federal funds rate at 3.5% to 3.75% during its July meeting, passing the decision with a 9-3 vote. Three policymakers favored raising the target range by a quarter-point. The central bank indicated that economic activity continued to expand at a solid rate, though inflation remained above its 2% target. Because bullion does not pay interest, markets have closely monitored shifts in U.S. rate expectations.
Focus shifts to inflation data
Attention is now on the upcoming U.S. consumer inflation report for July. The government is scheduled to release the Consumer Price Index on Wednesday, August 12, at 8:30 a.m. Eastern Time. In June, consumer prices declined by 0.4% from the previous month, but the index remained 3.5% higher than a year earlier. Energy prices increased by 15.7% over the year, while food prices rose by 3%. The July figures will serve as the next official indicator of U.S. inflation trends.
Following this, the Producer Price Index for July will be published on Thursday, August 13, providing additional inflation insights. Producer prices for final demand fell by 0.3% in June. Gold had already gained 2.4% on Friday after the employment report revealed the unexpected payroll decline. On Monday, spot bullion advanced 0.8% to $4,376.56 an ounce. Tuesday’s increase lifted the price above $4,400 and extended its recovery from levels near $4,000 earlier this month.
Precious metals advance alongside gold
Other precious metals also experienced gains during Tuesday’s trading session. Spot silver increased 0.9% to $66.30 an ounce. Platinum rose 0.7% to $1,765.26, and palladium gained 0.8% to $1,394.00. These gains came amid market monitoring of U.S. inflation data and developments influencing interest-rate expectations. Gold remained the market’s main focus after reaching its highest price in over two months, continuing a three-session rise that started following last week’s employment figures.
This latest rally marks a notable reversal from gold’s early decline at the start of Monday’s trading. Initially, bullion dipped from a seven-week high before recovering later that day. Tuesday’s surge pushed prices to their highest since early June, marking a third straight session of gains. Gold still trades below its January 2026 record, when spot prices exceeded $5,500 an ounce. The market’s immediate focus now shifts toward this week’s U.S. consumer and producer inflation reports.