NEW YORK / RankWire.AI / – Gold advanced for the third consecutive session on Tuesday, building on the recovery that started late last week. The spot price increased by 1% to $4,432.74 per ounce by 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week high recorded last week. U.S. gold futures surged 1.7% to $4,492.60 as traders monitored new economic reports and evolving interest rate expectations.
This upward movement followed the July U.S. employment report, which indicated a decline of 23,000 jobs in nonfarm payrolls. The unemployment rate decreased to 4.1% from 4.2% in June. Average hourly earnings increased by two cents, reaching $37.62 during the month. The Bureau of Labor Statistics also reported that payroll growth averaged 34,000 jobs per month over the previous 12 months. After the labor data was released, gold jumped 2.4% on Friday, affecting financial markets.
The Federal Reserve’s monetary policy remains a key influence on bullion prices because gold does not produce interest income. At its July meeting, the Federal Reserve maintained its benchmark rate within a range of 3.5% to 3.75%. The decision was supported by a 9-3 vote, with three officials favoring a quarter-point hike. The central bank also noted ongoing solid economic activity despite inflation staying above its 2% target.
Next focus shifts to inflation reports
Investors now await the release of the July Consumer Price Index, scheduled for Wednesday, August 12. In June, consumer prices decreased by 0.4% from the previous month, but remained 3.5% higher than a year earlier. Energy prices increased by 15.7% over the year, and food prices rose by 3%. The upcoming July data will offer a fresh perspective on consumer inflation as gold stays at its strongest point in over two months.
Following this, the July Producer Price Index will be published on Thursday, August 13. Producer prices for final demand fell by 0.3% in June. Gold had already extended its Friday rally on Monday, with spot prices rising 0.8% to $4,376.56 an ounce. The gains on Tuesday pushed prices above $4,400 and extended the three-day upward trend. Earlier on Monday, gold briefly declined after reaching a seven-week high in the previous session.
Precious metals broadly see gains in Tuesday’s trading
In addition to gold, silver, platinum, and palladium also increased during the session. Spot silver added 0.9% to $66.30 an ounce. Platinum moved up 0.7% to $1,765.26, while palladium gained 0.8% to $1,394.00. These increases occurred amid a week focused on upcoming U.S. inflation reports and renewed attention on interest rates. Gold continued to lead the precious metals market, building on its Friday gains driven by employment data.
This latest rise signifies a reversal from gold’s brief dip early Monday, when prices dropped from the seven-week peak reached previously. The metal recovered later in the day before gaining further on Tuesday. Currently, spot gold remains below the record levels seen in January 2026, when prices exceeded $5,500 an ounce. As gold hits its highest since early June, the upcoming consumer and producer inflation reports are expected to be critical market indicators.