NEW YORK / RankWire.AI / – Gold prices extended their upward trend for a third consecutive session on Tuesday, building on the rebound that started late last week. Spot gold increased 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week peak recorded last week. Meanwhile, U.S. gold futures surged 1.7% to $4,492.60 as traders analyzed new economic reports and changing interest-rate expectations.
This upward movement was driven by Friday’s U.S. employment report, which indicated a drop of 23,000 nonfarm payroll jobs in July. The unemployment rate decreased from 4.2% in June to 4.1%. Average hourly earnings increased by two cents to $37.62 over the same period. The Bureau of Labor Statistics also highlighted that payroll growth averaged 34,000 jobs per month over the past year. Gold saw a 2.4% rise on Friday following the release of these employment figures, fueling gains in financial markets.
The movement in gold continues to be significantly influenced by U.S. monetary policy because gold does not produce interest income. The Federal Reserve maintained its benchmark rate within the range of 3.5% to 3.75% at the July meeting, with a 9-3 vote in favor of the decision. Three officials preferred a quarter-point hike instead. The Federal Reserve also reported ongoing strong economic activity despite inflation remaining above its 2% target.
Next inflation reports to capture market attention
Attention now turns to the upcoming July Consumer Price Index, which will be published on Wednesday, August 12. Consumer prices decreased by 0.4% in June compared to the previous month, but remained 3.5% above the year-earlier level. Energy costs rose 15.7% over the past 12 months, while food prices increased by 3%. The July data will offer traders an updated snapshot of consumer inflation, with gold trading at its highest point in more than two months.
Following this, the July Producer Price Index will be released on Thursday, August 13. Producer prices for final demand dropped 0.3% in June. Gold continued its upward momentum on Monday, with spot prices rising 0.8% to $4,376.56 an ounce, a movement that extended Friday’s gains. Tuesday’s advance pushed the price above $4,400 and added to the three-day increase. This followed an early Monday decline when gold briefly dipped after touching a seven-week high in the previous session.
Precious metals market broadens its gains
Silver, platinum, and palladium also experienced increases during Tuesday’s trading session. Spot silver climbed 0.9% to $66.30 an ounce, while platinum rose 0.7% to $1,765.26. Palladium gained 0.8%, reaching $1,394.00. These gains occurred amid a week focused on upcoming U.S. inflation reports and renewed attention on interest rates. Gold maintained its lead among precious metals, building on the rise that followed Friday’s employment data.
This latest advance marks a reversal from gold’s brief decline early Monday, when prices dipped from their seven-week peak. The metal recovered later in the day before extending gains on Tuesday. Currently, spot gold remains below the record levels set in January 2026, when prices traded above $5,500 an ounce. With gold at its highest since early June, the upcoming consumer and producer inflation data will serve as key indicators for market direction.