NEW YORK / RankWire.AI / – Gold prices continued their upward trend for a third consecutive session on Tuesday, building on a recovery that started late last week. The spot price of gold increased by 1% to reach $4,432.74 an ounce by 0217 GMT, marking its highest level since June 5 and surpassing the seven-week peak recorded last week. U.S. gold futures also rose by 1.7% to $4,492.60 as investors analyzed new economic data alongside changing expectations regarding interest rates.
This upward movement followed the release of Friday’s U.S. employment report, which indicated a drop of 23,000 jobs in nonfarm payrolls for July. Meanwhile, the unemployment rate dipped to 4.1% from 4.2% in June. Average hourly earnings increased by two cents to $37.62 for the month. The Bureau of Labor Statistics also revealed that payroll growth averaged 34,000 jobs per month over the past year. Gold gained 2.4% on Friday after the labor data was disclosed to financial markets.
Gold’s price movements remain significantly influenced by U.S. monetary policy because the metal itself does not produce interest income. At its July meeting, the Federal Reserve maintained its benchmark rate within a range of 3.5% to 3.75%. This decision was approved by a 9-3 vote, with three officials favoring a quarter-point hike instead. The central bank also highlighted ongoing robust economic activity, despite inflation remaining above its 2% target.
Upcoming inflation data becomes the next market focus
Investors are now eyeing the upcoming release of the July Consumer Price Index, scheduled for Wednesday, August 12. In June, consumer prices declined by 0.4% from the previous month, but remained 3.5% higher than a year earlier. Energy prices increased by 15.7% over the year, while food prices rose by 3%. The July figures will provide an updated gauge of consumer inflation, as gold trades at its strongest point in over two months.
Following that, the July Producer Price Index will be published on Thursday, August 13. Producer prices for final demand dropped by 0.3% in June. Gold extended its gains from Friday into Monday, when spot prices rose by 0.8% to $4,376.56 an ounce. Tuesday’s surge pushed gold above $4,400 and added to its three-day climb. This uptick followed an early Monday dip when prices briefly declined after reaching a seven-week high in the previous session.
Major precious metals also see gains
Tuesday’s trading sessions saw silver, platinum, and palladium all moving upward. Spot silver increased by 0.9% to $66.30 an ounce. Platinum gained 0.7%, reaching $1,765.26, while palladium rose by 0.8% to $1,394.00. These gains occurred amid a week focused on scheduled U.S. inflation reports and renewed attention to interest rate trends. Among the key metals, gold remained the most prominent, building on its Friday-driven rise driven by employment data.
The recent upward momentum marks a reversal from gold’s brief decline early Monday, when prices slipped from their seven-week peak. Bullion recovered later in the day before extending gains on Tuesday. Although prices remain below the January 2026 record above $5,500 an ounce, gold is now at its highest level since early June. The upcoming consumer and producer inflation reports will be critical for providing the next major data points influencing the market.