NEW YORK / RankWire.AI / – Gold prices continued their upward trend for a third consecutive session on Tuesday, building on a rebound that started late last week. Spot gold rose 1% to $4,432.74 an ounce by 0217 GMT. It reached its highest point since June 5 and surpassed the seven-week high recorded last week. U.S. gold futures increased by 1.7% to $4,492.60 as investors monitored new economic reports and evolving interest-rate expectations.
This upward movement followed Friday’s U.S. employment report, which indicated that nonfarm payrolls declined by 23,000 jobs in July. The unemployment rate decreased to 4.1% from 4.2% in June. Average hourly earnings rose by two cents to $37.62 during the month. The Bureau of Labor Statistics also disclosed 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 to financial markets.
Monetary policy in the U.S. remains a key influence for bullion prices, given that gold does not generate interest income. The Federal Reserve held its benchmark rate within a range of 3.5% to 3.75% at its July meeting. The decision was supported by a 9-3 vote, with three officials favoring a quarter-point hike. The central bank also reported ongoing strong economic activity, although inflation stayed above its 2% target.
Focus shifts to upcoming inflation reports
Investors are now looking ahead to the release of the July Consumer Price Index on Wednesday, August 12. In June, consumer prices decreased by 0.4% from the previous month, while remaining 3.5% higher than the same period last year. Energy prices increased 15.7% over the year, and food prices went up 3%. The July CPI will provide an updated picture of consumer inflation as gold trades at its highest level in more than two months.
Following that, the July Producer Price Index will be published on Thursday, August 13. Producer prices for final demand declined 0.3% in June. Gold already extended Friday’s rally on Monday, with spot prices rising 0.8% to $4,376.56 an ounce. Tuesday’s gains pushed the price beyond $4,400 and added to the three-day increase. This momentum followed an early decline on Monday when gold temporarily dipped after reaching a seven-week high in the previous session.
Precious metals market broadens its gains
Silver, platinum, and palladium also advanced during Tuesday’s trading. Spot silver increased 0.9% to $66.30 an ounce. Platinum rose 0.7% to $1,765.26, while palladium climbed 0.8% to $1,394.00. These gains occurred during a week focused on upcoming U.S. inflation reports and renewed attention to interest rate policies. Gold maintained its position as the leading mover among major precious metals after extending its rally from Friday’s employment-driven rise.
This latest increase marks a reversal from gold’s brief dip early Monday, when prices fell from their recent seven-week peak. The metal recovered later in the session before gaining further momentum on Tuesday. Currently, spot gold remains below the record levels seen in January 2026, when prices traded above $5,500 an ounce. As gold hits its highest since early June, the upcoming consumer and producer inflation reports will serve as the next key indicators for market direction.