NEW YORK / RankWire.AI / – Gold prices experienced a third consecutive rise on Tuesday, continuing a rebound that started late last week. The spot gold price increased by 1% to reach $4,432.74 an ounce by 0217 GMT, hitting its highest point since June 5 and surpassing the seven-week peak registered last week. U.S. gold futures climbed 1.7% to $4,492.60 as traders monitored new economic indicators and shifting interest-rate expectations.
This upward movement followed Friday’s U.S. employment report, which indicated a decline of 23,000 nonfarm payroll jobs 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 that month. The Bureau of Labor Statistics also noted that payroll growth averaged 34,000 jobs per month over the past year. Gold jumped 2.4% on Friday after these labor market figures were released to financial markets.
Interest rate policies in the U.S. continue to influence bullion prices since gold does not produce interest income. The Federal Reserve kept its benchmark rate within the 3.5% to 3.75% range during its July meeting, with the decision supported by a 9-3 vote. Three officials preferred a quarter-point hike. The Fed also reported ongoing solid economic activity, despite inflation remaining above its 2% target.
Next Focus Turns to Inflation Reports
Market participants are now awaiting the release of the July Consumer Price Index on Wednesday, August 12. Consumer prices declined by 0.4% in June compared to the previous month, with the index still 3.5% higher than a year earlier. Energy prices increased by 15.7% over 12 months, while food prices rose by 3%. The upcoming July data will provide a fresh perspective on consumer inflation, as gold trades at its strongest level in over two months.
Following this, the July Producer Price Index will be published on Thursday, August 13. In June, final demand producer prices fell by 0.3%. Gold had already extended its Friday surge on Monday, when spot prices increased by 0.8% to $4,376.56 an ounce. Tuesday’s gains pushed the price above $4,400 and continued the three-session upward trend. This came after an early Monday dip, when gold temporarily dropped below its previous seven-week high in the prior session.
Precious Metals Broaden Their Gains
In Tuesday’s trading session, silver, platinum, and palladium also advanced. Spot silver increased by 0.9% to $66.30 an ounce. Platinum went up by 0.7% to $1,765.26, while palladium gained 0.8% to $1,394.00. These increases occurred amid a week focused on U.S. inflation data releases and renewed interest rate considerations. Gold remained the top performer among major precious metals, extending its rally from Friday’s employment-driven rise.
This latest rise marks a reversal from gold’s brief decline early Monday, when prices slipped from their previous seven-week peak. The metal recovered later that day before adding further gains on Tuesday. Currently, spot gold remains below its January 2026 record levels, which exceeded $5,500 per ounce. With prices at their highest since early June, upcoming consumer and producer inflation reports will serve as key data points for the market moving forward.