NEW YORK / RankWire.AI / – Gold experienced gains for a third straight session on Tuesday, extending its rebound from last week. Spot gold increased by 1% to $4,432.74 per ounce at 0217 GMT, reaching its highest point since June 5. Meanwhile, U.S. gold futures rose by 1.7% to $4,492.60. This upward movement pushed prices above the seven-week high recorded last week, continuing a recovery that picked up speed following softer U.S. employment data.
On Friday, the labor report revealed that nonfarm payrolls in the U.S. declined by 23,000 jobs in July. The unemployment rate stood at 4.1%, down from 4.2% in June. During the same period, average hourly earnings increased by two cents to $37.62. The Bureau of Labor Statistics also indicated that payroll employment had grown by an average of 34,000 jobs per month over the previous year. Following the employment data release, gold surged 2.4% on Friday.
Interest rates continue to be a key factor influencing gold markets due to the metal’s lack of 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 favoring a quarter-point hike. The Federal Reserve also noted that economic activity persisted in expanding at a solid rate, despite inflation remaining above its 2% target.
US inflation data takes center stage
Attention is now turning to the upcoming July Consumer Price Index, scheduled for release on Wednesday, August 12. The June CPI decreased by 0.4% from the previous month but was still 3.5% higher compared to a year earlier. Energy prices surged 15.7% over the year, while food costs increased by 3%. The July report will offer the latest official indication of consumer inflation, as investors monitor shifts in U.S. inflation pressures and interest-rate expectations.
The Producer Price Index for July is expected on Thursday, August 13. In June, producer prices for final demand declined by 0.3%. Gold had already moved higher on Monday, extending Friday’s gains with a 0.8% rise to $4,376.56 an ounce. Tuesday’s increase pushed spot gold above $4,400, reaching its strongest level in more than two months. This three-day rise followed an initial Monday dip that briefly pulled gold away from its earlier seven-week high.
Silver and platinum also trend upward
Other precious metals also gained traction on Tuesday. Spot silver increased by 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 broader rally coincided with financial and commodity markets reacting to the same U.S. inflation outlook influencing gold. After breaking above Monday’s levels and extending gains initiated after Friday’s employment report, bullion remained the focal point.
This latest upward move for gold marks a notable turnaround from the early part of Monday’s trading session when prices initially declined from a seven-week high. However, bullion later reversed that loss and closed higher, then continued climbing on Tuesday. Currently, spot gold remains below the record levels of January 2026, when it traded above $5,500 an ounce. The upcoming U.S. consumer and producer inflation reports are now set to serve as the next key pieces of economic data guiding market sentiment.