NEW YORK / RankWire.AI / – Gold continued its upward momentum for a third straight session on Tuesday, extending its rebound from last week. The spot price increased by 1% to $4,432.74 per ounce by 0217 GMT, reaching its highest point since June 5. Meanwhile, U.S. gold futures rose 1.7% to $4,492.60. This upward move pushed prices above the seven-week high recorded last week and sustained a recovery that sped up following weaker U.S. employment figures.
Last Friday’s employment report revealed a drop of 23,000 jobs in U.S. nonfarm payrolls for July. The unemployment rate decreased to 4.1% from 4.2% in June. Additionally, average hourly earnings rose by two cents to $37.62 during the month. The Bureau of Labor Statistics also indicated that payroll employment had grown by an average of 34,000 jobs per month over the past year. Following the release of these employment data, gold gained 2.4% on Friday.
Interest rate policies remain a crucial element for gold markets since the metal does not generate a yield. At its July meeting, the Federal Reserve maintained the federal funds rate within the 3.5% to 3.75% range. The decision received a 9-3 vote, with three officials supporting a quarter-point hike. The Federal Reserve also noted that economic activity continued to expand steadily, even though inflation stayed above its 2% target.
Focus Turns to U.S. Inflation Data
Market participants are now awaiting the release of the July Consumer Price Index on Wednesday, August 12. The June CPI dropped 0.4% from the previous month but was 3.5% higher compared to the same period last year. Energy costs increased by 15.7% over the year, while food prices rose by 3%. The upcoming July report will offer the latest official gauge of consumer inflation as traders monitor shifts in U.S. inflationary pressures and interest rate expectations.
The Producer Price Index for July is scheduled for release on Thursday, August 13. In June, producer prices for final demand declined by 0.3%. Gold already gained on Monday, rising 0.8% to $4,376.56 an ounce, extending Friday’s gains. Tuesday’s increase then propelled spot gold above $4,400, reaching its highest level in more than two months. This three-session rise followed an initial dip early Monday that briefly pushed gold away from its previous seven-week high.
Silver and Platinum Follow the Gold Rally
Other precious metals also advanced on Tuesday. Spot silver increased by 0.9% to $66.30 an ounce, while platinum climbed 0.7% to $1,765.26. Palladium saw an 0.8% rise to $1,394.00. The broader surge occurred as financial and commodity markets kept an eye on the same U.S. inflation indicators shaping gold’s movement. After breaking above Monday’s levels and extending gains initiated after Friday’s employment report, bullion remained the main focus.
Gold’s recent rally signifies a notable shift from Monday’s early session, when prices initially slipped from a seven-week high. However, bullion reversed course later in the day and finished higher before further gains on Tuesday. Spot prices are still below the record levels achieved in January 2026, when gold traded above $5,500 per ounce. The upcoming U.S. consumer and producer inflation reports this week now serve as the next key economic data points for the market.