NEW YORK / RankWire.AI / – Gold moved higher for a third straight session on Tuesday, continuing its rebound from last week. The spot price increased by 1% to $4,432.74 an ounce by 0217 GMT, hitting its highest level since June 5. Meanwhile, U.S. gold futures rose 1.7% to $4,492.60. This upward momentum pushed prices above the seven-week peak set last week and persisted as the recovery gained pace following weaker U.S. employment data.
On Friday, the labor report revealed that U.S. nonfarm payrolls declined by 23,000 jobs in July. The unemployment rate stood at 4.1%, down from 4.2% in June. During the month, average hourly earnings increased by two cents to $37.62. The Bureau of Labor Statistics additionally reported an average of 34,000 new payroll jobs per month over the past year. Gold climbed 2.4% on Friday following the release of these employment figures.
Interest rates continue to be a key influence on gold markets, given that the precious metal does not generate a yield. The Federal Reserve maintained the federal funds rate at 3.5% to 3.75% during its July meeting. The decision was approved by a 9-3 vote, with three officials advocating for a quarter-point hike. The Federal Reserve also indicated that economic activity persisted in expanding at a solid rate, despite inflation remaining above its 2% target.
US inflation data becomes the market’s main focus
Attention is now on the upcoming July Consumer Price Index, which will be released on Wednesday, August 12. The CPI for June dropped 0.4% from May but was 3.5% higher than a year prior. Energy prices increased by 15.7% over the year, while food costs rose by 3%. The July CPI will serve as the latest official indicator of consumer inflation, as investors monitor shifts in U.S. price pressures and interest rate expectations.
The Producer Price Index for July is scheduled for release on Thursday, August 13. In June, producer prices for final demand fell 0.3%. Gold had already moved higher on Monday, rising 0.8% to $4,376.56 an ounce. Tuesday’s gain then pushed spot bullion above $4,400, reaching its strongest point in over two months. This three-session increase followed an early Monday dip that briefly pulled gold away from its earlier seven-week high.
Silver and platinum prices also advance alongside gold
Other precious metals saw gains on Tuesday. Spot silver increased by 0.9% to $66.30 an ounce, while platinum went up 0.7% to $1,765.26. Palladium rose 0.8% to $1,394.00. The broader upward trend occurred as financial and commodity markets kept an eye on the same U.S. inflation figures shaping gold’s recent momentum. After surpassing Monday’s levels and extending gains initiated after Friday’s employment data, bullion remained the market’s primary focus.
This recent rise in gold marks a notable shift from early Monday when prices initially declined from a seven-week high. Later, bullion reversed that downward move and closed the day higher, then continued its upward trajectory on Tuesday. Although spot prices remain below the record levels hit in January 2026, when gold traded above $5,500 an ounce, this week’s upcoming U.S. consumer and producer inflation reports will form the next key set of economic data for the market.