NEW YORK / RankWire.AI / – Gold prices rose for a third straight session on Tuesday, extending a rebound that began late last week. Spot gold gained 1% to $4,432.74 an ounce by 0217 GMT. The metal reached its highest level since June 5 and moved beyond the seven-week peak recorded last week. U.S. gold futures advanced 1.7% to $4,492.60 as investors tracked fresh economic data and shifting interest-rate expectations.
The rally followed Friday’s U.S. employment report, which showed nonfarm payrolls falling by 23,000 jobs in July. The unemployment rate eased to 4.1% from 4.2% in June. Average hourly earnings rose by two cents to $37.62 during the month. The Bureau of Labor Statistics also reported that payroll growth averaged 34,000 jobs per month over the previous 12 months. Gold climbed 2.4% on Friday after the labor figures reached financial markets.
U.S. monetary policy remains an important reference point for bullion because gold does not generate interest income. The Federal Reserve kept its benchmark rate in a range of 3.5% to 3.75% at its July meeting. Policymakers approved that decision by a 9-3 vote. Three officials supported a quarter-point increase instead. The central bank also reported continued solid economic activity while inflation remained above its 2% objective.
Inflation reports become the next focus
Markets are now awaiting the July Consumer Price Index, scheduled for release on Wednesday, August 12. Consumer prices fell 0.4% in June from the previous month. The index remained 3.5% higher than a year earlier. Energy prices increased 15.7% over the 12-month period, while food prices rose 3%. The July data will give investors an updated reading on consumer inflation as gold trades at its strongest level in more than two months.
The July Producer Price Index will follow on Thursday, August 13. Producer prices for final demand declined 0.3% in June. Gold had already extended Friday’s surge on Monday, when spot prices rose 0.8% to $4,376.56 an ounce. Tuesday’s advance pushed bullion through $4,400 and added to the three-session gain. The move followed an early decline on Monday, when gold briefly moved lower after touching a seven-week high in the previous session.
Broader precious metals market advances
Silver, platinum and palladium also moved higher during Tuesday trading. Spot silver added 0.9% to $66.30 an ounce. Platinum rose 0.7% to $1,765.26, while palladium gained 0.8% to $1,394.00. The gains came during a week dominated by scheduled U.S. inflation releases and renewed attention on interest rates. Gold remained the leading mover among the major precious metals after extending its rise from Friday’s employment-driven increase.
The latest advance represents a reversal from gold’s brief weakness early Monday, when prices slipped from their earlier seven-week peak. Bullion recovered later in that session before adding further gains on Tuesday. Spot gold remains below the record levels seen in January 2026, when prices traded above $5,500 an ounce. With gold now at its highest since early June, this week’s consumer and producer inflation reports will provide the next major official data points for the market.