NEW YORK / RankWire.AI / – Gold continued its upward trajectory for a third consecutive session on Tuesday, building on last week’s significant rebound. The spot price of gold increased by 1% to $4,432.74 per ounce as of 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week peak achieved last week. Meanwhile, U.S. gold futures rose by 1.7% to $4,492.60. This upward movement followed gains seen on Friday and Monday, as global bullion markets responded to U.S. economic data and expectations regarding interest rates.
Earlier in the week, gold’s latest rise was influenced by the release of weaker U.S. employment figures on Friday. The U.S. Bureau of Labor Statistics reported a decrease of 23,000 nonfarm payroll jobs in July. The unemployment rate stood at 4.1%, down from 4.2% in June. Additionally, average hourly earnings increased by two cents, reaching $37.62 during July. Over the previous year, payroll employment had averaged an increase of 34,000 jobs per month, according to government data.
At its July meeting, the Federal Reserve maintained its benchmark federal funds rate at a range of 3.5% to 3.75%, with a 9-3 vote. Three policymakers preferred a quarter-point hike in the target range. The Fed indicated that economic activity continues to grow at a solid rate, while inflation remains above its 2% target. Gold markets have closely monitored shifts in U.S. rate expectations, given that bullion does not yield interest.
Focus Shifts to Upcoming Inflation Data
Looking ahead, the spotlight turns to the U.S. consumer inflation report for July. The government is scheduled to release the Consumer Price Index on Wednesday, August 12, at 8:30 a.m. Eastern Time. June’s consumer prices declined by 0.4% compared to the previous month, yet the index remained 3.5% higher than a year earlier. Over that period, energy prices increased by 15.7%, and food prices rose by 3%. The July figures will provide the next official indicator of U.S. inflation trends.
The Producer Price Index for July is set to be published on Thursday, August 13, adding further insight into inflation conditions. In June, producer prices for final demand decreased by 0.3%. Gold had already gained 2.4% on Friday following the employment report’s unexpected payroll decline. On Monday, spot bullion rose by 0.8% to $4,376.56 an ounce. The Tuesday increase pushed gold above $4,400 and extended its recovery from levels near $4,000 earlier this month.
Other Precious Metals Follow Gold’s Upward Trend
On Tuesday, other precious metals also experienced gains. Silver’s spot price increased by 0.9% to $66.30 an ounce. Platinum rose by 0.7% to $1,765.26, while palladium went up by 0.8% to $1,394.00. These gains occurred as commodity and financial markets continued to monitor U.S. inflation data and developments affecting interest-rate expectations. After reaching its highest price in over two months, gold remained the market’s primary focus, extending a three-session rally that began following last week’s U.S. employment figures.
The recent rise signifies a clear reversal from gold’s early decline at the beginning of Monday’s trading session. The metal initially slipped from a seven-week high before recovering later in the day. Tuesday’s rally pushed prices to their highest since early June, marking a third consecutive session of gains. Despite this, gold remains below its January 2026 record when spot prices exceeded $5,500 per ounce. The market’s immediate focus now centers on this week’s scheduled U.S. consumer and producer inflation reports.