NEW YORK / RankWire.AI / – Gold extended its upward trend for a third consecutive day on Tuesday, building on a significant rebound seen last week. The spot price rose 1% to $4,432.74 an ounce as of 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week peak achieved last week. Meanwhile, U.S. gold futures increased by 1.7% to $4,492.60. This advance was fueled by gains recorded on Friday and Monday, with global bullion markets reacting to U.S. economic indicators and interest-rate outlooks.
The recent upward movement in gold followed the release of softer U.S. employment data on Friday. The U.S. Bureau of Labor Statistics reported a decline of 23,000 jobs in nonfarm payrolls for July. The unemployment rate was 4.1%, slightly down from 4.2% in June. During July, average hourly earnings increased by two cents to $37.62. Over the past year, payroll employment had grown by an average of 34,000 jobs per month, according to government figures.
The Federal Reserve maintained its benchmark federal funds rate within the range of 3.5% to 3.75% at its July policy meeting. The decision was approved with a 9-3 vote, with three policymakers favoring a quarter-point hike in the target range. The central bank indicated that economic activity continued to expand at a steady pace while inflation remained above its 2% target. Since bullion does not accrue interest, gold markets have closely tracked changes in U.S. rate expectations.
Focus Shifts to Inflation Data
The market’s attention now centers on the upcoming U.S. consumer inflation report for July. The government is set to release the Consumer Price Index on Wednesday, August 12, at 8:30 a.m. Eastern Time. Consumer prices declined by 0.4% in June from the previous month, yet the index remains 3.5% higher than a year earlier. Energy prices increased by 15.7%, and food prices rose by 3% over that period. The July figures will serve as the next official update on U.S. inflation trends.
Following this, the Producer Price Index for July will be published on Thursday, August 13, offering another inflation metric. Producer prices for final demand dropped 0.3% in June. Gold had already gained 2.4% on Friday after the employment report revealed an unexpected payroll decline. On Monday, spot gold moved up 0.8% to $4,376.56 an ounce, and Tuesday’s rally pushed prices above $4,400, extending its recovery from levels around $4,000 seen earlier this month.
Precious Metals Rally Alongside Gold
Other precious metals also saw gains during Tuesday’s trading session. Silver increased by 0.9% to $66.30 an ounce, platinum rose 0.7% to $1,765.26, and palladium advanced 0.8% to $1,394.00. The price movements reflected market monitoring of U.S. inflation data and developments influencing interest-rate expectations. Gold remained the main focus after reaching its highest price in more than two months, marking a three-day rally that started following last week’s U.S. employment figures.
This latest rise signals a clear reversal from gold’s initial decline at the beginning of Monday’s session. The metal had slipped from a seven-week high but recovered later that day. Tuesday’s gains lifted gold to its highest since early June, extending a rally that has lasted three sessions. Despite this advance, gold still trades below its January 2026 all-time high, when spot prices exceeded $5,500 an ounce. Market focus now shifts to this week’s scheduled U.S. consumer and producer inflation reports.