NEW YORK / RankWire.AI / – Gold extended its upward streak for a third consecutive session on Tuesday, building on a significant rebound from the previous week. The spot price of gold increased by 1% to $4,432.74 per ounce as of 0217 GMT, marking its highest point since June 5 and surpassing the seven-week high set last week. Meanwhile, U.S. gold futures rose by 1.7% to $4,492.60. The gains followed positive movements on Friday and Monday, as global bullion markets responded to U.S. economic data and interest-rate outlooks.
This recent upward move in gold prices was triggered by the release of softer U.S. employment figures last Friday. The U.S. Bureau of Labor Statistics reported a decline of 23,000 nonfarm payroll jobs in July. The unemployment rate edged down to 4.1% from 4.2% in June. During July, average hourly earnings increased by two cents to $37.62. Over the past year, payroll employment averaged an increase of 34,000 jobs per month, according to government figures.
In July, the Federal Reserve maintained its benchmark federal funds rate within the range of 3.5% to 3.75%. The decision was approved by a 9-3 vote, with three policymakers favoring a quarter-point hike. The central bank stated that economic activity continues to grow steadily, but inflation remains above its 2% target. Since bullion does not accrue interest, gold markets closely follow shifts in U.S. rate expectations.
Focus shifts to upcoming inflation reports
Investors now turn their attention to the U.S. consumer inflation report scheduled for release on Wednesday, August 12, at 8:30 a.m. Eastern Time. In June, consumer prices declined by 0.4% from the previous month, but the index still stood 3.5% higher than a year earlier. Over that period, energy prices increased by 15.7%, and food prices rose by 3%. The July data will serve as the latest official measure of inflation in the United States.
Following Thursday, August 13, the Producer Price Index for July will be released, providing additional inflation insights. Producer prices for final demand decreased by 0.3% in June. Gold had already gained 2.4% on Friday after the employment report revealed an unexpected payroll decline. On Monday, spot gold increased by 0.8% to $4,376.56 per ounce. Tuesday’s rise pushed the metal above $4,400 and extended its recovery from levels close to $4,000 earlier this month.
Precious metals climb alongside gold
Other precious metals also saw gains on Tuesday. Spot silver increased by 0.9% to $66.30 per ounce. Platinum rose by 0.7% to $1,765.26, while palladium advanced 0.8% to $1,394.00. These increases occurred as commodity and financial markets monitored U.S. inflation figures and developments affecting interest-rate expectations. Gold remained the market’s primary focus, reaching its highest level in over two months and extending a three-day rise that started after last week’s U.S. employment data.
This latest movement marks a clear reversal from gold’s initial dip at the start of Monday’s trading session. The bullion initially fell from a seven-week high before recovering later in the day. Tuesday’s gains lifted prices to their highest since early June and marked the third consecutive session of upward momentum. Despite these advances, gold remains below its January 2026 record, when spot prices surpassed $5,500 an ounce. The immediate focus for traders now shifts to this week’s scheduled U.S. inflation reports, both consumer and producer, which are expected to influence the market direction.