NEW YORK / RankWire.AI / – Gold prices continued their upward trend for a third consecutive session on Tuesday, building on the recovery that started late last week. The spot gold price increased by 1% to $4,432.74 per ounce at 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week high set last week. U.S. gold futures also rose by 1.7%, closing at $4,492.60, as investors monitored recent economic figures and shifting interest rate expectations.
This upward movement came after Friday’s U.S. employment report, which indicated a decline of 23,000 jobs in nonfarm payrolls in July. The unemployment rate decreased to 4.1% from 4.2% in June. Meanwhile, average hourly earnings increased by two cents to $37.62 during the same period. The Bureau of Labor Statistics also reported that payroll gains averaged 34,000 jobs per month over the past year. Gold saw a 2.4% climb on Friday following the release of these labor market figures.
The stance of U.S. monetary policy continues to influence bullion prices significantly, since gold does not yield interest. The Federal Reserve maintained its benchmark rate in a range of 3.5% to 3.75% at its July meeting, with policymakers voting 9-3 to keep rates steady. Three officials favored a quarter-point increase instead. The central bank also highlighted ongoing solid economic activity while acknowledging inflation remains above its 2% target.
Upcoming inflation data shifts market focus
Market participants are now awaiting the release of the July Consumer Price Index, scheduled for Wednesday, August 12. In June, consumer prices declined by 0.4% month-over-month and remained 3.5% higher compared to the previous year. Energy costs increased by 15.7% year-over-year, while food prices rose by 3%. The July CPI figures will offer updated insights into consumer inflation, as gold trades at its highest point in over two months.
Following this, the July Producer Price Index will be published on Thursday, August 13. Producer prices at the final demand level decreased by 0.3% in June. Already on Monday, gold extended its Friday gains, with spot prices climbing 0.8% to $4,376.56 an ounce. Tuesday’s increase pushed bullion above $4,400, continuing the three-day upward trend. Earlier in the session, prices dipped briefly after touching a seven-week high in the prior trading day.
Major precious metals also see gains
Tuesday’s trading saw silver, platinum, and palladium all moving higher. Spot silver gained 0.9%, trading at $66.30 an ounce. Platinum increased by 0.7% to $1,765.26, and palladium rose 0.8% to $1,394.00. These gains unfolded amid a week focused on upcoming U.S. inflation reports and renewed attention to interest rate developments. Among these metals, gold continued to lead the charge, extending its rally from Friday’s employment-influenced increase.
This latest rise marks a reversal from gold’s brief dip early Monday, when prices fell slightly from their earlier seven-week high. The metal recovered later that day and added further gains on Tuesday. Despite the recent rise, spot gold remains below the peak levels seen in January 2026, when prices traded above $5,500 an ounce. With gold now at its highest since early June, upcoming consumer and producer inflation reports are expected to provide critical data points for market participants.