NEW YORK / RankWire.AI / – Gold continued its upward trajectory for a third consecutive session on Tuesday, building on the sharp rebound seen last week. Spot gold increased by 1% to reach $4,432.74 an ounce by 0217 GMT, marking its highest point since June 5 and surpassing the seven-week peak recorded the previous week. U.S. gold futures also rose by 1.7% to $4,492.60. This rally followed gains on Friday and Monday, as global bullion markets tracked U.S. economic indicators and interest-rate expectations.
The recent move in gold prices was influenced by the weaker U.S. employment figures released 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. Meanwhile, average hourly earnings increased by two cents to $37.62 during the same month. Over the past year, payroll employment averaged an increase of 34,000 jobs per month, according to the 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 of the decision. Three policymakers favored a quarter-point increase in the target range. The central bank indicated that economic activity continued to grow at a robust pace, although inflation remained above its 2% goal. Since bullion does not pay interest, gold markets have been closely monitoring shifts in U.S. rate expectations.
Focus Now on Upcoming Inflation Data
The spotlight now turns to the 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 declined by 0.4% from the previous month but were still 3.5% higher than a year earlier. Energy prices increased by 15.7%, and food prices rose by 3% over the same period. The July figures will serve as the next key indicator of inflation trends in the U.S.
Additionally, the Producer Price Index for July is set to be published on Thursday, August 13, offering another perspective on inflation. In June, producer prices for final demand decreased by 0.3%. After the employment data, which revealed an unexpected payroll drop, gold had already gained 2.4% on Friday. On Monday, spot gold rose by 0.8% to $4,376.56 an ounce, and Tuesday’s climb pushed prices above $4,400, extending the recovery from levels near $4,000 seen earlier this month.
Other Precious Metals Follow Gold’s Upward Trend
Tuesday’s trading sessions saw increases in other precious metals. Spot silver rose by 0.9% to $66.30 an ounce, platinum increased by 0.7% to $1,765.26, and palladium went up by 0.8% to $1,394.00. These gains emerged as commodity and financial markets responded to U.S. inflation data and developments influencing interest-rate expectations. After reaching its highest level in over two months, gold remained the market’s main focus, continuing its three-day rally that started following last week’s employment report.
The recent rise marks a clear turnaround from gold’s early decline at the start of Monday’s trading session. Initially, bullion dipped from a seven-week high before recovering later that day. Tuesday’s increase brought prices to their highest since early June and extended the rebound for a third day. Despite this progress, gold is still below its January 2026 record, when spot prices exceeded $5,500 an ounce. The market’s immediate focus is now on this week’s upcoming U.S. consumer and producer inflation reports.