NEW YORK / RankWire.AI / – Gold prices increased for the third consecutive session on Tuesday, continuing a recovery that started late last week. Spot gold rose 1% to reach $4,432.74 an ounce by 0217 GMT. The metal hit its highest point since June 5 and surpassed the seven-week peak recorded last week. Meanwhile, U.S. gold futures climbed 1.7% to $4,492.60 as investors monitored new economic data and changing expectations around interest rates.
The upward movement followed Friday’s U.S. employment report, which revealed a decline of 23,000 jobs in nonfarm payrolls for July. The unemployment rate decreased to 4.1% from 4.2% in June. During the same period, average hourly earnings increased by two cents to $37.62. The Bureau of Labor Statistics also reported that payroll gains averaged 34,000 jobs per month over the past year. Gold surged by 2.4% on Friday after these labor figures were released into financial markets.
U.S. monetary policy remains a key reference point for gold because the metal does not generate 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 reported ongoing solid economic activity, although inflation still exceeds its 2% target.
Next focus turns to inflation reports
Markets are now awaiting the release of the July Consumer Price Index, scheduled for Wednesday, August 12. In June, consumer prices fell by 0.4% from the previous month. The index remains 3.5% higher than a year earlier. Energy prices increased by 15.7% over the last 12 months, while food prices rose 3%. The upcoming July data will provide investors with an updated view on consumer inflation as gold trades at its strongest level in over two months.
Following this, the July Producer Price Index is due on Thursday, August 13. Producer prices for final demand declined 0.3% in June. Gold had already gained momentum on Monday, extending Friday’s increase with a 0.8% rise to $4,376.56 an ounce. Tuesday’s rally pushed the price above $4,400 and extended the three-session upward trend. This followed an early decline on Monday when gold briefly dipped after reaching a seven-week high in the previous session.
Precious metals market extends gains across the board
Silver, platinum, and palladium also moved higher on Tuesday. Spot silver rose 0.9% to $66.30 an ounce. Platinum increased 0.7% to $1,765.26, while palladium gained 0.8% to $1,394.00. These gains occurred amid a week dominated by upcoming U.S. inflation reports and renewed focus on interest rate policies. Gold continues to lead among the major precious metals after building on its Friday’s employment-related increase.
This latest rise marks a reversal from gold’s brief dip early Monday, when prices fell from their seven-week peak. The bullion recovered later during the session before climbing further on Tuesday. Spot gold remains below the record levels seen in January 2026, when prices traded above $5,500 an ounce. Now at its highest since early June, this week’s consumer and producer inflation data will serve as important market indicators moving forward.