NEW YORK / RankWire.AI / – Gold continued its upward trajectory for the third straight session on Tuesday, extending its rebound from last week. The spot price of gold rose 1% to reach $4,432.74 per ounce by 0217 GMT, hitting its highest point since June 5. U.S. gold futures also climbed 1.7%, settling at $4,492.60. This movement pushed prices above the seven-week high recorded last week and signaled a recovery that gained momentum following weaker U.S. employment data.
The labor report issued on Friday revealed that U.S. nonfarm payrolls declined by 23,000 jobs in July. The unemployment rate was recorded at 4.1%, a decrease from 4.2% in June. During the same month, the average hourly earnings increased by two cents to $37.62. Additionally, the Bureau of Labor Statistics reported that payroll employment had grown by an average of 34,000 jobs per month over the past year. Gold experienced a 2.4% rise on Friday following the release of these employment figures.
Interest rate levels remain a key influence on gold prices, given that the metal does not produce any yield. The Federal Reserve maintained the federal funds rate at 3.5% to 3.75% at its July meeting. The decision was approved by a 9-3 vote, with three officials supporting a quarter-point increase. The Federal Reserve also indicated that economic activity persisted at a robust pace while inflation remained above its 2% target.
U.S. Inflation Data in Focus
Investors are now awaiting the July Consumer Price Index, which is scheduled for release on Wednesday, August 12. The June CPI dipped 0.4% from the previous month but was still 3.5% higher than a year earlier. Energy prices increased 15.7% over the 12-month period, while food prices rose by 3%. The upcoming July report will serve as the latest official gauge of consumer inflation, helping investors evaluate shifts in U.S. price pressures and interest rate expectations.
The Producer Price Index for July is due out on Thursday, August 13. In June, producer prices for final demand decreased by 0.3%. Gold had already extended Friday’s gains on Monday, rising 0.8% to $4,376.56 an ounce. Tuesday’s advance then pushed spot gold above $4,400, reaching its highest level in more than two months. The three-day rise followed an early Monday dip that briefly pulled gold away from its earlier seven-week high.
Silver and Platinum Join the Rally
Other precious metals also moved higher on Tuesday. Spot silver increased 0.9% to $66.30 an ounce, while platinum gained 0.7% to $1,765.26. Palladium rose 0.8% to $1,394.00. The broader increase coincided with the same U.S. inflation calendar influencing gold, as markets monitored the upcoming data. After breaking above Monday’s levels and extending gains that started after Friday’s employment report, bullion remained the primary focus.
Gold’s latest upward move marks a notable shift from the early part of Monday’s trading, when prices initially declined from a seven-week high. The metal later reversed that downward trend, closing higher before advancing again on Tuesday. Despite the gains, spot gold prices remain below the record levels reached in January 2026, when prices surpassed $5,500 an ounce. This week’s upcoming U.S. consumer and producer inflation reports now stand as the next key economic indicators for the market.