NEW YORK / RankWire.AI / – Gold continued its upward momentum for a third straight session on Tuesday, as bullion extended the rebound seen last week. The spot price increased by 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest point since June 5. Meanwhile, U.S. gold futures climbed 1.7% to $4,492.60. This move pushed prices beyond the seven-week peak recorded last week and marked a continuation of the recovery that gained momentum following weaker U.S. employment figures.
Last Friday’s employment report indicated a decline of 23,000 jobs in U.S. nonfarm payrolls for July. The unemployment rate was at 4.1%, down from 4.2% in June. Additionally, average hourly earnings saw a two-cent increase to $37.62 during the month. The Bureau of Labor Statistics also revealed that payroll employment rose by an average of 34,000 jobs per month over the previous year. Gold appreciated by 2.4% on Friday following the release of these employment statistics.
Interest rates remain a key factor influencing gold markets, given that the metal does not generate yield. The Federal Reserve maintained the federal funds rate at 3.5% to 3.75% during its July meeting. The decision was approved with a 9-3 vote, with three officials favoring a quarter-point increase. The Federal Reserve also indicated that economic activity continued to grow at a solid pace while inflation stayed above its 2% goal.
US inflation statistics take center stage
Investors are now awaiting the release of the July Consumer Price Index, scheduled for Wednesday, August 12. The CPI for June declined 0.4% from the previous month but was 3.5% higher than in the same period last year. Energy prices increased by 15.7% over the past year, while food prices rose 3%. The upcoming July report will serve as the latest official gauge of consumer inflation, as markets monitor shifts in U.S. price pressures and interest rate expectations.
The Producer Price Index for July is set to be published on Thursday, August 13. Producer prices for final demand decreased by 0.3% in June. Gold had already extended its Friday rally on Monday, gaining 0.8% to $4,376.56 an ounce. The surge on Tuesday then lifted spot bullion above $4,400, reaching its highest point in over two months. This three-day climb followed an initial decline on Monday that briefly pulled gold away from its earlier seven-week high.
Silver and platinum also advance alongside gold
Other precious metals traded higher on Tuesday as well. Spot silver increased by 0.9% to $66.30 an ounce, while platinum gained 0.7% to $1,765.26. Palladium rose 0.8% to $1,394.00. The broader upward movement coincided with financial and commodity markets monitoring the same U.S. inflation reports that influence gold. After surpassing Monday’s levels and extending gains initiated after Friday’s employment data, bullion remained the main market focus.
Gold’s recent rise marks a notable shift from the early part of Monday’s trading session, when prices initially declined from a seven-week high. Later, bullion reversed that movement and ended the day higher, then extended its gains on Tuesday. Spot prices still fall short of the record levels seen in January 2026, when gold traded above $5,500 an ounce. The upcoming U.S. consumer and producer inflation reports are now the key pieces of economic data shaping market sentiment this week.