NEW YORK / RankWire.AI / – Gold moved higher for a third consecutive session on Tuesday. It extended a sharp rebound seen last week. Spot gold increased 1% to $4,432.74 an ounce by 0217 GMT. This was its highest point since June 5 and surpassed the seven-week peak reached last week. U.S. gold futures also rose 1.7% to $4,492.60. The upward trend followed gains on Friday and Monday. Global bullion markets tracked U.S. economic data and interest-rate expectations.
Gold’s recent rise came after weaker U.S. employment figures were released on Friday. The U.S. Bureau of Labor Statistics reported a decline of 23,000 nonfarm payrolls in July. The unemployment rate was 4.1%, down from 4.2% in June. Average hourly earnings increased by two cents to $37.62 in July. Over the past year, payroll employment grew by an average of 34,000 jobs each month, based on government data.
At its July meeting, the Federal Reserve kept its benchmark federal funds rate steady at 3.5% to 3.75%. The decision was made with a 9-3 vote. Three policymakers preferred a quarter-point increase in the target range. The Fed stated that economic activity is still expanding at a solid pace, while inflation remains above its 2% target. U.S. rate expectations closely influence gold markets because bullion does not pay interest.
Focus shifts to inflation data
All eyes now turn to the U.S. consumer inflation report for July. The government will publish the Consumer Price Index on Wednesday, August 12, at 8:30 a.m. Eastern Time. In June, consumer prices fell 0.4% month-on-month. Yet, the index was still 3.5% higher than a year earlier. Energy prices rose 15.7% over the year, while food prices increased by 3%. The July figures will be the next official indicator of U.S. inflation.
On Thursday, August 13, the Producer Price Index for July will be released. It adds another inflation measure. In June, producer prices for final demand dropped 0.3%. Last Friday, gold already gained 2.4% after the employment report showed an unexpected payroll decline. On Monday, spot bullion moved up 0.8% to $4,376.56 an ounce. Tuesday’s increase pushed prices above $4,400 and extended the recovery from levels near $4,000 seen earlier this month.
Precious metals also see gains
Other precious metals also increased during Tuesday’s trading. Spot silver gained 0.9% to $66.30 an ounce. Platinum rose 0.7% to $1,765.26. Palladium advanced 0.8% to $1,394.00. These gains came as markets monitored U.S. inflation data and interest-rate developments. Gold remained in focus after reaching its highest price in over two months. It extended a three-day rally that started after last week’s U.S. employment figures.
The recent rise marks a clear turnaround from gold’s early decline on Monday. The bullion initially dipped from a seven-week high before recovering later that day. Tuesday’s move lifted prices to their highest since early June and marked a third consecutive session of gains. Gold is still below its January 2026 record, when spot prices surpassed $5,500 an ounce. The market’s immediate focus is on this week’s U.S. inflation reports, both consumer and producer.