NEW YORK / RankWire.AI / – Gold continued its upward momentum for the third straight session on Tuesday, building on its rebound from last week. The spot price increased by 1% to reach $4,432.74 per ounce as of 0217 GMT, marking its highest point since June 5. Meanwhile, U.S. gold futures rose 1.7% to settle at $4,492.60. This rise pushed gold prices beyond the seven-week high recorded last week and signaled a recovery that gained pace following weaker U.S. employment data.
The labor report released on Friday revealed that U.S. nonfarm payrolls decreased by 23,000 jobs in July. The unemployment rate was recorded at 4.1%, a slight decrease from 4.2% in June. During the month, average hourly earnings increased by two cents to $37.62. Additionally, the Bureau of Labor Statistics reported that payroll employment had grown by an average of 34,000 jobs per month over the past year. After the employment data was made public, gold prices surged by 2.4% on Friday.
Interest rate levels remain a critical factor influencing gold markets because the metal does not yield interest. The Federal Reserve maintained the federal funds rate at 3.5% to 3.75% during its July meeting. The decision was supported by a 9-3 vote, with three officials advocating for a quarter-point hike. The Federal Reserve also indicated that economic activity persisted in expanding at a solid rate, even as inflation stayed above its 2% goal.
Focus Shifts to U.S. Inflation Data
Market attention is now centered on the upcoming release of the July Consumer Price Index, scheduled for Wednesday, August 12. The June CPI declined by 0.4% compared to the previous month but was still 3.5% higher than the same period last year. Over the past year, energy prices rose 15.7%, while food prices increased by 3%. The July report will serve as the latest official gauge of consumer inflation, with investors closely monitoring shifts in U.S. inflation pressures and interest rate expectations.
The Producer Price Index for July is set to be released on Thursday, August 13. Producer prices for final demand fell by 0.3% in June. After Friday’s gains, gold extended its upward movement on Monday, climbing 0.8% to $4,376.56 an ounce. Tuesday’s rise then pushed spot gold above $4,400, reaching a level not seen in over two months. This three-day increase followed an early Monday dip that briefly pulled gold away from its previous seven-week high.
Silver and Platinum Climb Alongside Gold
Other precious metals also gained value on Tuesday. Spot silver increased by 0.9% to $66.30 an ounce, while platinum added 0.7% to $1,765.26. Palladium rose 0.8% to $1,394.00. The broader gains coincided with the financial and commodities markets monitoring the same U.S. inflation data that has influenced gold. After breaking above Monday’s levels and extending its gains initiated following Friday’s employment report, bullion remained a primary focus.
The recent climb in gold prices marks a significant turnaround from Monday’s early decline when prices temporarily dropped from a seven-week high. However, bullion recovered later in the day and finished higher, then continued to rise on Tuesday. Despite this upward movement, spot gold remains below the record levels reached in January 2026, when prices traded above $5,500 an ounce. The upcoming U.S. consumer and producer inflation reports scheduled for this week are now the next key economic indicators for the market.