NEW YORK / RankWire.AI / – Gold prices extended their rally for a third consecutive session on Tuesday, building on a rebound that started late last week. Spot gold increased 1% to $4,432.74 per ounce by 0217 GMT, reaching its highest level since June 5 and surpassing the seven-week high recorded last week. U.S. gold futures also gained 1.7%, closing at $4,492.60 as investors monitored fresh economic indicators and changing interest-rate expectations.
The upward movement followed Friday’s U.S. employment report, which revealed a decline of 23,000 jobs in nonfarm payrolls for July. The unemployment rate edged down to 4.1% from 4.2% in June, while average hourly earnings increased by two cents to $37.62. The Bureau of Labor Statistics also noted that payroll growth averaged 34,000 jobs monthly over the past year. Gold surged 2.4% on Friday after these employment figures impacted financial markets.
Monetary policy in the U.S. remains a critical reference point for gold, which does not pay interest. At its July meeting, the Federal Reserve kept its benchmark rate within the 3.5% to 3.75% range, with the decision passing by a 9-3 vote. Three officials preferred a quarter-point hike. The Fed also reported ongoing solid economic activity while inflation stayed above its 2% target.
Focus shifts to upcoming inflation reports
Attention now turns to the July Consumer Price Index, set for release on Wednesday, August 12. In June, consumer prices declined 0.4% month-over-month and remained 3.5% higher than the previous year. Energy prices surged 15.7% over the year, with food costs rising 3%. The July data will provide investors with updated insights into consumer inflation as gold trades at its strongest point in over two months.
The Producer Price Index for July will follow on Thursday, August 13. June’s final demand producer prices fell 0.3%. Gold continued its rise on Monday, jumping 0.8% to $4,376.56 an ounce, extending Friday’s gains. Tuesday’s increase pushed bullion above $4,400, adding to the three-day rally. This followed an early Monday dip, when gold briefly declined after hitting a seven-week high in the previous session.
Precious metals markets see gains across the board
Silver, platinum, and palladium also moved upward during Tuesday’s trading. Spot silver rose 0.9% to $66.30 per ounce. Platinum increased 0.7% to $1,765.26, while palladium gained 0.8%, closing at $1,394.00. These gains occurred amid a week focused on upcoming U.S. inflation data and renewed interest rate discussions. Among the major precious metals, gold remained the most active, building on Friday’s employment-related gains.
This latest advance marks a reversal from gold’s brief dip early Monday, when prices fell from their seven-week peak. The metal recovered later in the day before adding further momentum on Tuesday. Currently, spot gold remains below the record levels seen in January 2026, when prices exceeded $5,500 per ounce. With prices at their highest since early June, upcoming inflation reports will serve as key market indicators for the coming weeks.