NEW YORK / RankWire.AI / – Gold continued its upward streak for a third straight session on Tuesday, extending its rebound from last week. The spot price increased by 1% to $4,432.74 per ounce by 0217 GMT, reaching the highest point since June 5. Meanwhile, U.S. gold futures rose 1.7% to $4,492.60. This movement pushed prices beyond the seven-week high recorded last week and sustained a recovery that gained momentum following weaker U.S. employment data.
The jobs report for Friday revealed that nonfarm payrolls in the U.S. declined by 23,000 in July, with the unemployment rate dropping to 4.1% from 4.2% in June. Average hourly earnings increased by two cents to $37.62 during the month. The Bureau of Labor Statistics also indicated that payroll employment had grown by an average of 34,000 jobs monthly over the past year. Following the employment data release, gold surged 2.4% on Friday.
Interest rate levels remain a key influence on gold markets because the metal does not generate a yield. The Federal Reserve maintained the federal funds rate at 3.5% to 3.75% during its July meeting, with a 9-3 vote in favor of holding rates steady, as three officials favored a quarter-point hike. The Federal Reserve also stated that economic activity continued to expand at a solid pace, although inflation stayed above its 2% goal.
US inflation figures take center stage
Investors now focus on the upcoming July Consumer Price Index, set for release on Wednesday, August 12. In June, the CPI decreased by 0.4% from the previous month but remained 3.5% higher than a year earlier. Over the past year, energy prices rose by 15.7%, while food prices increased by 3%. The July CPI will serve as the latest official indicator of consumer inflation, guiding market expectations on U.S. price pressures and interest rate outlooks.
The Producer Price Index for July will be published on Thursday, August 13. In June, final demand producer prices declined by 0.3%. Gold had already gained 0.8% on Monday, reaching $4,376.56 an ounce, extending Friday’s rally. Tuesday’s rise then pushed spot bullion above $4,400, marking its strongest level in over two months. This three-day increase followed an early Monday dip, which briefly pulled gold away from its earlier seven-week high.
Silver and platinum also advance
Other precious metals recorded gains on Tuesday as well. Spot silver increased 0.9% to $66.30 an ounce, while platinum rose 0.7% to $1,765.26. Palladium went up 0.8% to $1,394.00. The broad rally coincided with ongoing market attention on the same U.S. inflation calendar influencing gold. After breaking above Monday’s levels and extending Friday’s gains, bullion remained the focus of investors.
Gold’s recent upward move contrasts with early Monday, when prices initially slipped from a seven-week peak. However, bullion reversed that decline to finish higher for the day and continued climbing on Tuesday. Despite this rally, spot prices are still below the record levels of over $5,500 reached in January 2026. The upcoming U.S. consumer and producer inflation reports now represent the next key economic data points for the market.