NEW YORK / RankWire.AI / – Gold continued its upward movement for a third consecutive session on Tuesday, building on a significant rebound from last week. Spot gold increased 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week peak recorded last week. U.S. gold futures also gained 1.7% to $4,492.60. This upward trend followed gains on Friday and Monday, as global bullion markets responded to U.S. economic indicators and expectations surrounding interest rates.
The recent rise in gold prices came after weaker U.S. employment figures were published on Friday. The U.S. Bureau of Labor Statistics reported a decline of 23,000 nonfarm payroll jobs in July. The unemployment rate was recorded 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.
At its July meeting, the Federal Reserve maintained its benchmark federal funds rate within the range of 3.5% to 3.75%. The decision was approved by a 9-3 vote, with three policymakers favoring a quarter-point hike in the target range. The Fed stated that economic activity continued to expand at a solid rate while inflation remained above its 2% goal. Gold markets have closely followed shifts in U.S. rate expectations because bullion does not generate interest.
Focus shifts to upcoming inflation data
The market’s attention now turns toward the upcoming U.S. consumer inflation report for July. The government will publish the Consumer Price Index on Wednesday, August 12, at 8:30 a.m. Eastern Time. In June, consumer prices decreased by 0.4% month-over-month but remained 3.5% higher than the same period last year. Over the past 12 months, energy prices rose 15.7%, while food prices increased by 3%. The July figures will serve as the next official update on U.S. inflation trends.
On Thursday, August 13, the Producer Price Index for July will be released, providing additional insight into inflationary pressures. Producer prices for final demand declined by 0.3% in June. After the employment report’s surprising payroll decline, gold had already gained 2.4% on Friday. Subsequently, spot gold increased by 0.8% on Monday to $4,376.56 an ounce. Tuesday’s rise pushed the price above $4,400, continuing its recovery from levels near $4,000 earlier this month.
Precious metals gain ground alongside gold
Other precious metals also saw gains during Tuesday’s trading session. Silver rose 0.9% to $66.30 an ounce, platinum increased 0.7% to $1,765.26, and palladium advanced 0.8% to $1,394.00. These movements occurred as commodity and financial markets monitored U.S. inflation data and developments influencing interest rate expectations. Gold remained the most prominent focus after reaching its highest price in over two months, extending a three-day rally that began following last week’s U.S. employment figures.
This latest rise signifies a clear reversal from gold’s initial decline at the beginning of Monday’s session. The bullion had initially dipped from a seven-week high before recovering later that day. Tuesday’s gains pushed the market to its highest level since early June and marked the third consecutive session of recovery. Gold remains below its January 2026 record, when spot prices exceeded $5,500 an ounce. The market’s immediate focus now shifts to this week’s scheduled U.S. consumer and producer inflation reports.