NEW YORK / RankWire.AI / – Gold moved upward for a third consecutive session on Tuesday, building on last week’s sharp rebound. The spot price increased 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. Meanwhile, U.S. gold futures advanced 1.7% to $4,492.60. This rally followed gains on Friday and Monday as global bullion markets responded to U.S. economic indicators and interest-rate outlooks.
The recent upward move in gold came after the release of softer U.S. employment data on Friday. The U.S. Bureau of Labor Statistics reported a decline of 23,000 jobs in nonfarm payrolls for July. The unemployment rate was 4.1%, down from 4.2% in June. Average hourly earnings increased by two cents to $37.62 during July. Over the past year, payroll employment grew by an average of 34,000 per month, according to government data.
The Federal Reserve maintained its benchmark federal funds rate at 3.5% to 3.75% during its July meeting, with a 9-3 vote. Three policymakers favored a quarter-point increase. The Fed indicated economic activity remains robust while inflation stays above its 2% target. Gold markets have closely followed shifts in U.S. rate expectations since bullion does not yield interest.
Focus shifts to upcoming inflation reports
Market attention now turns to the U.S. consumer inflation report for July, scheduled for release on Wednesday, August 12, at 8:30 a.m. Eastern Time. June’s consumer prices declined 0.4% month-over-month but were 3.5% higher than a year earlier. Energy prices increased 15.7%, and food prices rose 3% during that period. The July data will be the next official indicator of U.S. inflation trends.
Additionally, the Producer Price Index for July will be released on Thursday, August 13. Producer prices for final demand fell 0.3% in June. Gold already gained 2.4% on Friday after the employment report showed unexpectedly weaker payroll growth. It then advanced 0.8% on Monday to $4,376.56 an ounce. Tuesday’s rise pushed the price above $4,400 and marked an extension of its recovery from levels near $4,000 earlier this month.
Precious metals climb in tandem with gold
Other precious metals also gained ground on Tuesday. Spot silver increased 0.9% to $66.30 an ounce, platinum rose 0.7% to $1,765.26, and palladium went up 0.8% to $1,394.00. These movements occurred as commodity and financial markets monitored U.S. inflation updates and interest-rate developments. Gold remained the dominant focus after reaching its highest price in over two months, continuing a three-session rally that started after last week’s employment figures.
This latest increase signifies a clear reversal from gold’s early Monday decline, when it slipped from a seven-week high before rebounding later in the session. Tuesday’s gains lifted prices to the highest level since early June and extended the rally into a third day. Despite this, gold remains below its January 2026 record, when spot prices surpassed $5,500 an ounce. The market’s immediate focus is now on this week’s U.S. consumer and producer inflation figures.