NEW YORK / RankWire.AI / – Gold prices continued their upward trajectory for a third consecutive session on Tuesday, building on a recovery that started late last week. Spot gold increased by 1% to reach $4,432.74 per ounce as of 0217 GMT. This level marks its highest point since June 5 and surpasses the seven-week high recorded last week. Meanwhile, U.S. gold futures rose by 1.7% to $4,492.60 as investors monitored new economic data and changing expectations regarding interest rates.
Earlier on Friday, the rally was sparked by the U.S. employment report, which indicated a decline of 23,000 jobs in nonfarm payrolls for July. The unemployment rate eased from 4.2% in June to 4.1%. During the month, average hourly earnings increased by two cents to $37.62. The Bureau of Labor Statistics also noted that, over the past year, payroll growth averaged 34,000 jobs per month. Gold surged by 2.4% on Friday after these labor market figures impacted financial markets.
Interest rate policies in the U.S. remain a key reference point for gold, given that gold itself does not generate interest income. At its July meeting, the Federal Reserve maintained its benchmark rate within a range of 3.5% to 3.75%. This decision was approved with a 9-3 vote, with three officials advocating for a quarter-point increase instead. The central bank also highlighted ongoing strong economic activity, despite inflation remaining above its 2% target.
Focus shifts to upcoming inflation reports
Currently, markets are awaiting the July Consumer Price Index, scheduled for release on Wednesday, August 12. In June, consumer prices declined by 0.4% from May, but still remained 3.5% higher compared to the previous year. Energy prices increased by 15.7% over the past 12 months, while food prices rose by 3%. The upcoming July data will offer investors an updated snapshot of consumer inflation as gold remains at its highest level in over two months.
Following this, the July Producer Price Index is set for release on Thursday, August 13. Producer prices for final demand decreased by 0.3% in June. On Monday, gold had already extended its gains from Friday when spot prices rose by 0.8% to $4,376.56 per ounce. Tuesday’s movement lifted bullion beyond $4,400 and contributed to a three-session rise. The move came after an initial dip on Monday, when gold briefly declined after reaching a seven-week high in the previous session.
Major precious metals also see gains
On Tuesday, silver, platinum, and palladium prices also moved upward. Spot silver increased by 0.9% to $66.30 per ounce. Platinum climbed 0.7% to $1,765.26, while palladium gained 0.8% to $1,394.00. These gains occurred amidst a week focused on scheduled U.S. inflation reports and renewed attention to interest rate trends. Gold remained the strongest performer among the key precious metals after extending its upward momentum from Friday’s employment-inspired rally.
This latest rise marks a reversal from gold’s brief dip early Monday, when prices retreated from their recent seven-week high. Later during the session, bullion recovered before gaining further on Tuesday. Currently, spot gold remains below the record levels seen in January 2026, when prices traded above $5,500 an ounce. With gold at its highest since early June, the upcoming consumer and producer inflation data will serve as important indicators for the market’s next move.