NEW YORK / RankWire.AI / – Gold continued its upward trajectory for a third consecutive session on Tuesday, building on a rebound that started late last week. Spot gold increased by 1% to reach $4,432.74 per ounce by 0217 GMT, hitting its highest level since June 5 and surpassing the seven-week peak recorded last week. Meanwhile, U.S. gold futures rose 1.7% to $4,492.60 as traders scrutinized new economic indicators and changing interest rate expectations.
This rally was triggered by Friday’s U.S. employment report, which indicated a decrease of 23,000 jobs in nonfarm payrolls for July. The unemployment rate eased to 4.1% from 4.2% in June, while average hourly earnings increased by two cents to $37.62 for the month. The Bureau of Labor Statistics also noted that payroll growth averaged 34,000 jobs per month over the past year. Gold surged 2.4% on Friday following the release of the employment figures, impacting financial markets.
U.S. monetary policy remains a crucial benchmark for bullion since gold does not produce interest income. The Federal Reserve maintained its benchmark rate within a range of 3.5% to 3.75% at the July meeting, with policymakers approving the decision by a 9-3 vote. Three officials supported a quarter-point hike instead. The Fed also reported ongoing solid economic activity, though inflation stayed above its 2% target.
Inflation reports now in focus
Investors are now awaiting the July Consumer Price Index, which is set to be published on Wednesday, August 12. In June, consumer prices decreased by 0.4% compared to the previous month, yet remained 3.5% higher than a year earlier. Over the year, energy prices increased by 15.7%, and food prices rose by 3%. The upcoming July report will provide a fresh look at consumer inflation, with gold trading at its highest level in more than two months.
Following that, the July Producer Price Index will be released on Thursday, August 13. Producer prices for final demand declined 0.3% in June. Gold had already extended its Friday rally by Monday, with spot prices rising 0.8% to $4,376.56 an ounce. The gains on Tuesday pushed the price above $4,400, continuing the three-session upward trend. Earlier on Monday, gold experienced a brief dip after touching a seven-week high in the previous session.
Precious metals markets see widespread gains
Silver, platinum, and palladium all moved higher on Tuesday. Spot silver increased by 0.9% to $66.30 an ounce. Platinum rose 0.7% to $1,765.26, while palladium gained 0.8% to $1,394.00. The overall week has been marked by scheduled U.S. inflation data releases and renewed focus on interest rate policies. Gold remains the standout among the major precious metals, building on its Friday gains driven by employment data.
This latest rise signals a reversal from gold’s short-lived weakness early Monday, when prices dipped from their previous seven-week peak. However, bullion recovered later in the day before continuing upward on Tuesday. Currently, spot gold remains below the record levels seen in January 2026, when prices exceeded $5,500 an ounce. As gold hits its highest point since early June, upcoming consumer and producer inflation reports will be key market indicators in the coming days.