NEW YORK / RankWire.AI / – Gold prices advanced for a third consecutive session on Tuesday, continuing a rebound that started late last week. Spot gold increased 1% to $4,432.74 an ounce by 0217 GMT. This marked the highest point since June 5 and surpassed the seven-week high recorded last week. U.S. gold futures went up 1.7% to $4,492.60 as traders monitored new economic data and evolving interest-rate expectations.
The upward move followed Friday’s U.S. employment report, which indicated a decline of 23,000 jobs in nonfarm payrolls for July. The unemployment rate eased to 4.1% from 4.2% in June. Average hourly earnings increased by two cents to $37.62 during the month. The Bureau of Labor Statistics also reported that payroll growth averaged 34,000 jobs per month over the previous 12 months. Gold surged 2.4% on Friday after these labor market figures were released, impacting financial markets.
U.S. monetary policy remains a key reference for gold, as bullion does not produce interest income. The Federal Reserve maintained its benchmark rate in a range of 3.5% to 3.75% during its July meeting. The decision was approved by a 9-3 vote, with three officials supporting a quarter-point increase instead. The central bank also noted ongoing solid economic activity while inflation stayed above its 2% target.
Focus shifts to upcoming inflation reports
Market participants now await the release of the July Consumer Price Index on Wednesday, August 12. In June, consumer prices decreased by 0.4% from the previous month and remained 3.5% higher than a year earlier. Over the same period, energy prices increased 15.7%, while food prices rose by 3%. The July CPI data will provide investors with an updated view of consumer inflation, with gold trading at its strongest level in more than two months.
Following that, the July Producer Price Index is set for release on Thursday, August 13. Producer prices for final demand declined 0.3% in June. Gold had already extended its Friday gains on Monday, with spot prices rising 0.8% to $4,376.56 an ounce. Tuesday’s movement pushed bullion above $4,400 and added to its three-day rally. This followed an early Monday dip, when gold briefly moved lower after touching a seven-week high in the previous session.
Precious metals market broadens its gains
Silver, platinum, and palladium also experienced upward movement on Tuesday. Spot silver increased 0.9% to $66.30 an ounce. Platinum rose 0.7% to $1,765.26, while palladium gained 0.8% to $1,394.00. These gains occurred amid a week dominated by scheduled U.S. inflation reports and renewed focus on interest rates. Gold remained the top performer among major precious metals, further extending its rise from Friday’s employment-driven increase.
The recent rally marks a reversal from gold’s brief decline early Monday, when prices slipped from their earlier seven-week peak. Bullion recovered later in the session before gaining further on Tuesday. Currently, spot gold remains below the record levels seen in January 2026, when prices traded above $5,500 an ounce. With gold now at its highest since early June, the upcoming consumer and producer inflation data will serve as the next key indicators for market direction.