NEW YORK / RankWire.AI / – Gold prices continued their upward trend for a third consecutive session on Tuesday, building on a rebound that started late last week. Spot gold increased 1% to $4,432.74 an ounce by 0217 GMT. It reached its highest point since June 5 and surpassed the seven-week peak recorded last week. Meanwhile, U.S. gold futures rose by 1.7% to $4,492.60 as investors monitored fresh economic figures and shifting expectations for interest rates.
This upward movement followed Friday’s U.S. employment report, which indicated a drop of 23,000 jobs in nonfarm payrolls during July. The unemployment rate edged down to 4.1% from 4.2% in June. During the month, average hourly earnings increased by two cents to $37.62. The Bureau of Labor Statistics also revealed that payroll growth averaged 34,000 jobs per month over the past year. Gold experienced a 2.4% rise last Friday after the labor market data hit financial markets.
The stance of U.S. monetary policy continues to be a key reference point for bullion, as gold does not produce interest income. The Federal Reserve maintained its benchmark rate within a 3.5% to 3.75% range at its July meeting. The decision was supported by a 9-3 vote, with three officials advocating for a quarter-point increase instead. The central bank also indicated ongoing solid economic activity alongside inflation remaining above its 2% target.
Focus shifts to upcoming inflation reports
Market participants now anticipate the release of the July Consumer Price Index on Wednesday, August 12. In June, consumer prices decreased by 0.4% from the previous month, maintaining a 3.5% rise compared to the same period last year. Energy costs surged 15.7% over 12 months, while food prices increased by 3%. The July figures will provide updated insights into consumer inflation, with gold trading at its highest point in over two months.
Following that, the July Producer Price Index will be published on Thursday, August 13. In June, producer prices for final demand declined by 0.3%. Gold had already extended Friday’s gains on Monday, with spot prices rising 0.8% to $4,376.56 an ounce. Tuesday’s increase pushed gold above $4,400 and contributed to the three-session rally. Earlier on Monday, the metal briefly dipped after reaching a seven-week high in the prior session.
Precious metals market broadens its upward movement
Tuesday’s trading saw gains in silver, platinum, and palladium. Spot silver advanced 0.9% to $66.30 an ounce. Platinum increased 0.7% to $1,765.26, while palladium went up 0.8% to $1,394.00. The overall week is characterized by scheduled U.S. inflation data and renewed focus on interest rate policies. Gold remained the top performer among major precious metals, extending its rise from Friday’s employment-induced increase.
This latest rally marks a reversal from gold’s brief decline early Monday, when prices slipped from their seven-week peak. The metal recovered later that day and gained further momentum on Tuesday. Currently, spot gold remains below the record levels seen in January 2026, when prices exceeded $5,500 an ounce. With gold at its highest since early June, upcoming consumer and producer inflation reports are expected to serve as key data points for the market.