NEW YORK / RankWire.AI / – Gold advanced for a third consecutive session on Tuesday, building on a significant rebound from the previous week. Spot gold increased by 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week peak set last week. Meanwhile, U.S. gold futures rose 1.7% to $4,492.60. This upward movement followed gains on Friday and Monday, as global bullion markets responded to U.S. economic data and interest-rate expectations.
The recent gains in gold came after the release of weaker U.S. employment figures on Friday. The U.S. Bureau of Labor Statistics reported a drop of 23,000 jobs in July’s nonfarm payrolls, with the unemployment rate at 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 averaged an increase of 34,000 jobs 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 in favor. While three policymakers preferred a quarter-point increase in the target range, the Fed stated that economic activity continues to grow at a solid rate, despite inflation remaining above its 2% target. Because bullion does not pay interest, gold markets closely follow shifts in U.S. rate expectations.
Focus Shifts to Inflation Reports
All eyes now turn to the upcoming U.S. consumer inflation report for July, with the Consumer Price Index scheduled for release on Wednesday, August 12, at 8:30 a.m. Eastern Time. In June, consumer prices decreased by 0.4% month-over-month, yet the index remained 3.5% higher than the same period last year. Energy prices climbed 15.7% annually, and food prices rose by 3%. The July data will offer the next official indicator of U.S. inflation trends.
On Thursday, August 13, the Producer Price Index for July will be published, providing additional inflation insights. In June, producer prices for final demand fell 0.3%. Gold had already gained 2.4% on Friday following the employment report’s unexpected payroll decline, and then increased 0.8% on Monday to $4,376.56 an ounce. Tuesday’s rise pushed the price above $4,400, extending its recovery from levels near $4,000 earlier this month.
Precious Metals Rise Alongside Gold
Other precious metals also moved higher during Tuesday’s trading session, with spot silver increasing 0.9% to $66.30 an ounce. Platinum climbed 0.7% to $1,765.26, while palladium advanced 0.8% to $1,394.00. These gains occurred as commodity and financial markets watched U.S. inflation figures and developments influencing interest-rate expectations. Gold remained the top performer, reaching its highest price in over two months and continuing a three-day rally that began after last week’s employment data.
This latest rise signifies a clear reversal from gold’s early Monday decline, when bullion slipped from a seven-week high before later recovering. Tuesday’s surge pushed prices above $4,400 for the first time since early June and marked the third consecutive session of gains. Although gold has yet to reach its January 2026 record when prices exceeded $5,500 an ounce, market focus is now on this week’s scheduled U.S. inflation reports, both consumer and producer, as key indicators moving forward.