NEW YORK / RankWire.AI / – Gold prices advanced for a third consecutive session on Tuesday, continuing a rebound that started late last week. Spot gold increased by 1% to reach $4,432.74 an ounce by 0217 GMT, hitting its highest point since June 5 and surpassing last week’s seven-week peak. U.S. gold futures rose 1.7% to $4,492.60 as traders monitored new economic data and changing interest rate expectations.
The upward move was driven by Friday’s U.S. employment report, which indicated a drop of 23,000 nonfarm payroll jobs in July. The unemployment rate eased from 4.2% to 4.1%. During the month, average hourly earnings increased by two cents to $37.62. The Bureau of Labor Statistics also noted that payroll growth averaged 34,000 jobs per month over the past year. Gold surged 2.4% on Friday following the release of the labor market data, influencing financial markets.
Monetary policy in the U.S. remains a key reference for bullion prices because gold does not produce interest income. The Federal Reserve maintained its benchmark rate within a 3.5% to 3.75% range during its July meeting, with the decision supported by a 9-3 vote. Three officials favored a quarter-point hike instead. The central bank also reported ongoing solid economic activity while inflation continued to stay 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 declined by 0.4% from the previous month and remained 3.5% higher than a year earlier. Energy prices rose 15.7% over the year, while food prices increased by 3%. The upcoming July data will offer a fresh perspective on consumer inflation as gold trades at its highest level in over two months.
Following this, the July Producer Price Index will be published on Thursday, August 13. In June, producer prices for final demand decreased by 0.3%. Gold already extended Friday’s rally on Monday, with spot prices rising 0.8% to $4,376.56 an ounce. The advance on Tuesday pushed bullion above $4,400, adding to its three-session upward trend. This move came after a brief dip early Monday, when gold temporarily fell from a seven-week high recorded in the previous session.
Precious metals market broadens its gains
Tuesday’s trading also saw increases in silver, platinum, and palladium. Spot silver gained 0.9% to $66.30 an ounce. Platinum increased by 0.7% to $1,765.26, and palladium rose 0.8% to $1,394.00. These gains occurred amid a week focused on scheduled U.S. inflation releases and renewed attention to interest rates. Gold remained the top performer among the major precious metals, extending its rise from Friday’s employment-driven surge.
This latest advance marks a reversal from gold’s brief weakness early Monday, when prices dipped from their seven-week peak. The metal recovered later that day before climbing further on Tuesday. Despite the recent gains, spot gold still remains below the record levels seen in January 2026, when prices traded above $5,500 an ounce. As gold reaches its highest point since early June, upcoming consumer and producer inflation reports will serve as the next key data points influencing market direction.