NEW YORK / RankWire.AI / – Gold moved higher for a third straight session on Tuesday, continuing its rebound from last week. The spot price of gold increased by 1% to $4,432.74 per ounce by 0217 GMT, reaching its highest point since June 5. Meanwhile, U.S. gold futures climbed 1.7% to $4,492.60. This upward movement pushed prices above the seven-week peak recorded last week and sustained a recovery that gained momentum following weaker U.S. employment figures.
The July labor report released on Friday indicated a decline of 23,000 nonfarm jobs in the United States. The unemployment rate decreased to 4.1% from 4.2% in June. Additionally, average hourly earnings grew by two cents to $37.62 during that month. The Bureau of Labor Statistics also reported that payroll employment had increased by an average of 34,000 jobs each month over the past year. Following the employment data release, gold experienced a 2.4% rise on Friday.
Interest rate levels continue to be a key factor influencing gold markets, as the metal does not pay interest. The Federal Reserve maintained the federal funds rate at 3.5% to 3.75% during its July meeting. The decision was approved by a 9-3 vote, with three officials favoring a quarter-point hike. The Federal Reserve also indicated that economic activity kept expanding at a solid pace while inflation remained above its 2% target.
US Inflation Data Becomes Market Spotlight
Market attention is now centered on the upcoming July Consumer Price Index, which is scheduled for release on Wednesday, August 12. The June CPI declined by 0.4% from the previous month but was still 3.5% higher than a year earlier. Energy prices increased by 15.7% over the past year, and food prices rose by 3%. The July report will serve as the latest official indicator of consumer inflation, with investors closely watching for shifts in U.S. price pressures and interest rate expectations.
The Producer Price Index for July will be published on Thursday, August 13. Producer prices for final demand decreased by 0.3% in June. After a 0.8% rise on Monday, gold extended its gains, reaching $4,376.56 an ounce. Tuesday’s increase then lifted spot bullion above $4,400, marking its strongest level in over two months. This three-day climb followed an early Monday dip that temporarily pushed gold away from its previous seven-week high.
Silver and Platinum Join Gold’s Rally
Other precious metals also saw gains on Tuesday. Spot silver increased by 0.9% to $66.30 an ounce, while platinum rose 0.7% to $1,765.26. Palladium gained 0.8%, reaching $1,394.00. The broader rally coincided with the same U.S. inflation calendar influencing gold’s movements. After breaking above Monday’s levels, bullion continued its upward trend, building on the momentum initiated following Friday’s employment report.
Gold’s recent surge marks a notable shift from the early hours of Monday, when prices initially declined from a seven-week peak. However, bullion reversed that downward move later in the day, closing higher, and carried its gains into Tuesday. Although the price remains below the record highs of over $5,500 an ounce reached in January 2026, the weekly release of U.S. consumer and producer inflation data now represents the next significant set of economic indicators for the market.