NEW YORK / RankWire.AI / – Gold extended its upward trend for a third consecutive session on Tuesday, building on a significant rebound seen last week. The spot price of 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 recorded last week. Meanwhile, U.S. gold futures rose by 1.7% to $4,492.60. This upward movement was driven by gains on Friday and Monday, as global bullion markets responded to U.S. economic indicators and interest-rate outlooks.
The recent gains in gold followed the publication of weaker U.S. employment data on Friday. The U.S. Bureau of Labor Statistics reported a decrease of 23,000 jobs in nonfarm payrolls for July. The unemployment rate was 4.1%, down from 4.2% in June. During July, average hourly earnings increased by two cents to $37.62. According to government figures, payroll employment had grown by an average of 34,000 jobs per month over the past year.
The Federal Reserve maintained its benchmark federal funds rate at a range of 3.5% to 3.75% during its July meeting, with a 9-3 voting split. Three policymakers preferred a quarter-point increase in the target range. The central bank noted that economic activity continued to expand at a solid pace, while inflation remained above its 2% target. Market expectations for U.S. interest rates have been closely watched since bullion does not pay interest, influencing gold’s price movements.
Focus shifts to inflation data
Market attention is now centered 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 decreased by 0.4% month-over-month but remained 3.5% higher compared to the same period last year. Over that 12-month span, energy prices rose by 15.7%, and food prices increased by 3%. The July CPI will offer the next official insight into U.S. inflation trends.
Additionally, the Producer Price Index for July will be published on Thursday, August 13, providing another measure of inflation. Producer prices for final demand declined by 0.3% in June. Following the employment report, gold already gained 2.4% on Friday. On Monday, bullion advanced 0.8% to $4,376.56 an ounce. Tuesday’s increase pushed the price above $4,400, extending its recovery from levels near $4,000 earlier this month.
Gold’s gains mirror other precious metals
Tuesday also saw increases in other precious metals. Spot silver rose by 0.9% to $66.30 an ounce. Platinum moved up 0.7% to $1,765.26, and palladium increased by 0.8% to $1,394.00. These gains came amid ongoing market monitoring of U.S. inflation data and shifts in interest-rate expectations. Gold remained the primary focus after reaching its highest price in over two months, marking a three-session rally that started following last week’s U.S. employment figures.
This latest rise signifies a clear turnaround from gold’s initial dip at the start of Monday’s trading session. The commodity initially slipped from a seven-week high before recovering later that day. Tuesday’s gains pushed gold to its highest since early June, marking a third consecutive session of gains. Despite this, gold remains below its January 2026 record, when spot prices exceeded $5,500 an ounce. The market now turns its attention to this week’s scheduled U.S. inflation reports, both consumer and producer, for further direction.