NEW YORK / RankWire.AI / – Gold prices extended their upward trajectory for a third consecutive session on Tuesday, continuing a rebound that started late last week. Spot gold climbed 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week high recorded last week. U.S. gold futures increased by 1.7% to $4,492.60 as investors monitored new economic data and shifts in interest rate expectations.
The upward move followed Friday’s U.S. employment report, which indicated a decrease of 23,000 nonfarm payroll jobs in July. The unemployment rate improved to 4.1% from 4.2% in June. Meanwhile, average hourly earnings rose 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 past year. Gold surged by 2.4% on Friday after these employment figures influenced financial markets.
Monetary policy in the United States remains a crucial benchmark for bullion prices since gold does not generate interest income. The Federal Reserve maintained its benchmark rate within a range of 3.5% to 3.75% at its July policy meeting. The decision was approved by a 9-3 vote, with three officials favoring a quarter-point hike. The Federal Reserve also highlighted ongoing solid economic activity while noting that inflation remains above its 2% target.
Focus shifts to upcoming inflation reports
Investors are now awaiting the release of the July Consumer Price Index, scheduled for Wednesday, August 12. In June, consumer prices declined by 0.4% month-over-month. The index remains 3.5% higher compared to the previous year. Energy prices increased 15.7% over the past 12 months, and food prices rose 3%. The upcoming data will provide updated insights into consumer inflation as gold trades at its strongest point in over two months.
On Thursday, August 13, the July Producer Price Index will be released. Producer prices for final demand decreased by 0.3% in June. Gold had already extended its Friday rally on Monday, with spot prices rising 0.8% to $4,376.56 an ounce. Tuesday’s gains pushed gold past $4,400 and contributed to the three-day upward trend. This followed an early Monday dip when gold briefly declined after reaching a seven-week high in the previous session.
Precious metals market broadens gains
Silver, platinum, and palladium also advanced 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 increases occurred amid a week focused on U.S. inflation reports and renewed interest rate discussions. Gold remained the top performer among the key precious metals, building on its Friday gains driven by employment data.
This latest rise marks a reversal from gold’s brief decline early Monday, when prices dipped from their seven-week peak. The yellow metal recovered later in the session before adding further gains 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 level since early June, upcoming consumer and producer inflation reports will serve as critical market data points for traders and investors.