NEW YORK / RankWire.AI / – Gold prices climbed for a third consecutive session on Tuesday, continuing a rebound that started late last week. The spot price increased by 1% to $4,432.74 an ounce as of 0217 GMT, reaching its highest level since June 5 and surpassing the seven-week high recorded last week. Meanwhile, U.S. gold futures rose 1.7% to $4,492.60 as traders monitored fresh economic indicators and shifting interest rate expectations.
This upward movement was driven by Friday’s U.S. employment report, which indicated a decline of 23,000 jobs in nonfarm payrolls for July. The unemployment rate decreased slightly from 4.2% in June to 4.1%. During the month, average hourly earnings increased by two cents to $37.62. Additionally, the Bureau of Labor Statistics reported that payroll growth averaged 34,000 jobs per month over the previous 12 months. Following the labor data, gold surged 2.4% on Friday in financial markets.
U.S. monetary policy continues to be a key factor for bullion, given that gold does not produce interest income. At its July meeting, the Federal Reserve maintained its benchmark rate within a range of 3.5% to 3.75%. The decision was supported by a 9-3 vote, with three officials favoring a quarter-point increase. The Fed also reported ongoing robust economic activity while inflation remained above its 2% target.
Next focus on inflation reports
Investors are now looking ahead to the July Consumer Price Index, which is due for release on Wednesday, August 12. Consumer prices declined by 0.4% in June from the previous month, while remaining 3.5% higher than a year earlier. Energy costs rose 15.7% over the past 12 months, and food prices increased by 3%. The upcoming July data will offer updated insights into consumer inflation, as gold trades at its strongest level in over two months.
The July Producer Price Index will follow on Thursday, August 13. Producer prices for final demand fell 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 gain pushed bullion above $4,400 and contributed to a three-session upward trend. This move was preceded by a brief decline on Monday, when gold dipped slightly after reaching a seven-week high in the previous session.
Precious metals market broadens gains
Tuesday’s trading also saw silver, platinum, and palladium move higher. Spot silver increased by 0.9% to $66.30 an ounce. Platinum gained 0.7% to $1,765.26, while palladium rose 0.8% to $1,394.00. These gains came amid a week filled with scheduled U.S. inflation reports and renewed focus on interest rate trends. Among the major precious metals, gold maintained its leading position after extending its rise from Friday’s employment-driven increase.
This latest advance marks a reversal from gold’s brief dip early Monday, when prices slipped from their seven-week peak. Bullion recovered later during that session and continued its upward movement on Tuesday. Despite the gains, spot gold remains below the all-time highs seen in January 2026, when prices traded above $5,500 an ounce. With gold at its highest point since early June, upcoming consumer and producer inflation reports will serve as key market indicators in the coming days.