NEW YORK / RankWire.AI / – Gold extended its upward momentum for a third straight session on Tuesday, continuing its rebound from last week. Spot gold increased by 1% to reach $4,432.74 an ounce by 0217 GMT, hitting its highest level since June 5. Meanwhile, U.S. gold futures surged 1.7% to $4,492.60. This movement pushed prices beyond the seven-week high set last week and maintained a recovery that gained speed following weaker U.S. employment data.
The employment report released on Friday revealed that U.S. nonfarm payrolls decreased by 23,000 jobs in July. The unemployment rate declined to 4.1% from 4.2% in June. During the same period, average hourly earnings rose by two cents to $37.62. The Bureau of Labor Statistics also indicated that payroll employment increased by an average of 34,000 jobs per month over the past year. Following the employment figures, gold experienced a 2.4% rise on Friday.
Interest rate levels continue to be a pivotal element influencing gold markets since the metal does not generate yield. 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 supporting a quarter-point hike. The Federal Reserve also noted that economic activity persisted in expanding at a solid rate, though inflation still stayed above its 2% goal.
Focus shifts to U.S. inflation data
Attention now centers on the upcoming July Consumer Price Index, which is set to be released on Wednesday, August 12. The June CPI declined by 0.4% from the previous month but remained 3.5% higher than the same period last year. Energy prices rose 15.7% over the year, while food prices increased by 3%. The July report will be the latest official indicator of consumer inflation, as investors closely watch changes in U.S. inflation pressures and interest rate expectations.
The Producer Price Index for July is scheduled for release on Thursday, August 13. In June, final demand producer prices decreased by 0.3%. Gold had already extended its Friday rally on Monday, climbing 0.8% to $4,376.56 an ounce. Tuesday’s gains then pushed spot gold above $4,400, reaching its strongest level in over two months. This three-day rise followed an early Monday dip that briefly pulled gold away from its seven-week high earlier in the week.
Silver and platinum also see gains in Tuesday’s trading
Other precious metals experienced higher prices on Tuesday as well. Spot silver increased 0.9% to $66.30 an ounce, and platinum advanced 0.7% to $1,765.26. Palladium rose 0.8%, reaching $1,394.00. The broader upward trend coincided with financial and commodities markets monitoring the same U.S. inflation calendar that has captured gold’s attention. After breaking above Monday’s levels and extending gains initiated after Friday’s employment report, bullion remained the main focus.
Gold’s recent upward movement marks a notable turnaround from the early part of Monday’s session, when prices initially slipped from a seven-week peak. However, bullion reversed that decline and closed the day higher, then extended gains on Tuesday. Spot prices still remain below the record levels achieved in January 2026, when gold traded over $5,500 an ounce. The upcoming U.S. consumer and producer inflation reports are now the next major pieces of official economic data shaping market sentiment.