NEW YORK / RankWire.AI / – Gold extended its upward trend for a third consecutive session on Tuesday, building on a sharp rebound seen last week. Spot gold increased by 1% to reach $4,432.74 an ounce by 0217 GMT, marking its highest level since June 5 and surpassing the seven-week peak from the previous week. U.S. gold futures also gained 1.7%, closing at $4,492.60. This upward momentum followed gains on Friday and Monday, as global bullion markets responded to U.S. economic data and interest-rate expectations.
The latest movement in gold prices came after weaker U.S. employment data was released on Friday. The U.S. Bureau of Labor Statistics reported a decline of 23,000 jobs in nonfarm payrolls for July. The unemployment rate held steady at 4.1%, compared to 4.2% in June. During July, average hourly earnings increased by two cents to $37.62. Over the past 12 months, payroll employment had grown by an average of 34,000 jobs per month, according to government figures.
The Federal Reserve maintained its benchmark federal funds rate at 3.5% to 3.75% during its July meeting. The decision was made with a 9-3 vote, with three policymakers favoring a quarter-point increase in the target range. The central bank stated that economic activity continued to expand at a solid rate, while inflation remained above its 2% target. Market participants closely monitor changes in U.S. rate expectations, as bullion does not pay interest and is sensitive to such shifts.
Focus Shifts to Upcoming Inflation Data
Attention now shifts to the upcoming U.S. consumer inflation report for July. The government will release the Consumer Price Index on Wednesday, August 12, at 8:30 a.m. Eastern Time. In June, consumer prices decreased by 0.4% compared to the previous month. However, the index remained 3.5% higher than its level a year earlier. Energy prices increased by 15.7%, while food prices rose by 3% over the same period. The July figures will offer the next official insight into U.S. inflation trends.
Additionally, the Producer Price Index for July is scheduled for release on Thursday, August 13. This will provide further details on inflation conditions. Producer prices for final demand fell by 0.3% in June. Gold had already risen by 2.4% on Friday, following the employment report that showed an unexpected payroll decline. The metal then increased by 0.8% on Monday to $4,376.56 an ounce. Tuesday’s gains lifted gold above $4,400 and extended its recovery from levels near $4,000 reached earlier this month.
Other Precious Metals Follow Gold’s Momentum
On Tuesday, several other precious metals also experienced gains. Spot silver increased by 0.9% to $66.30 an ounce. Platinum rose 0.7% to $1,765.26, while palladium advanced 0.8% to $1,394.00. These increases occurred as commodity and financial markets observed U.S. inflation data and developments influencing interest-rate expectations. Gold remained the most prominent focus after reaching its highest price in over two months, continuing a three-day upward trend that started after last week’s employment figures.
This recent rise signifies a clear reversal from gold’s early decline at the start of Monday’s session. Initially, bullion slipped from its seven-week high but recovered later in the day. Tuesday’s upward move pushed the market to its highest point since early June and marked the third consecutive session of gains. Although gold remains below its January 2026 record when prices exceeded $5,500 an ounce, the market’s immediate focus now is on this week’s scheduled U.S. consumer and producer inflation reports.