NEW YORK / RankWire.AI / – Gold advanced for a third consecutive session on Tuesday, building on a significant rebound from the previous week. The spot price increased 1% to $4,432.74 per ounce by 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week high achieved last week. U.S. gold futures also 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 indicators and interest rate expectations.
The recent upward trend in gold prices was influenced by the release of softer U.S. employment figures on Friday. The U.S. Bureau of Labor Statistics reported a decline of 23,000 nonfarm payroll jobs in 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. Over the past year, payroll employment had grown at an average of 34,000 jobs per month, according to official data.
The Federal Reserve maintained its benchmark federal funds rate at 3.5% to 3.75% during its July meeting, with the decision passing by a 9-3 vote. Three policymakers favored a quarter-point hike in the target range. The Fed noted that economic activity continued to expand at a solid pace, while inflation remained above its 2% target. Since bullion does not generate interest, gold markets have been closely monitoring changes in U.S. rate expectations.
Focus shifts to upcoming inflation reports
All eyes now turn to the U.S. consumer inflation report for July. The government is scheduled to publish the Consumer Price Index on Wednesday, August 12, at 8:30 a.m. Eastern Time. In June, consumer prices decreased by 0.4% compared to the previous month, but the index still stood 3.5% higher than a year earlier. Energy prices rose 15.7% over the year, while food prices increased 3%. The July figures will serve as the next key data point on U.S. inflation trends.
Additionally, the Producer Price Index for July will be released on Thursday, August 13, offering further insight into inflationary pressures. Producer prices for final demand declined 0.3% in June. After the employment report showed an unexpected payroll decline, gold gained 2.4% on Friday. On Monday, spot bullion advanced 0.8% to $4,376.56 an ounce. Tuesday’s increase pushed gold above $4,400, extending its recovery from levels near $4,000 seen earlier this month.
Other precious metals follow gold’s upward trend
Tuesday’s trading also saw gains among other precious metals. Spot silver increased 0.9% to $66.30 an ounce. Platinum rose 0.7% to $1,765.26, while palladium moved up 0.8% to $1,394.00. These gains came as commodity and financial markets monitored U.S. inflation data and developments influencing interest rate outlooks. After reaching its highest in over two months, gold’s price extended its three-day rally, which started following last week’s U.S. employment figures.
This latest rise signifies a clear reversal from gold’s early Monday decline. The metal had initially dipped from a seven-week peak before rebounding later that day. Tuesday’s surge lifted prices to their highest since early June and marked a third consecutive session of gains. Despite this, gold remains below its January 2026 record, when spot prices surpassed $5,500 per ounce. The market’s immediate focus now centers on this week’s upcoming U.S. consumer and producer inflation reports.