NEW YORK / RankWire.AI / – Gold prices advanced for a third consecutive day on Tuesday, building on a rebound that started late last week. Spot gold increased 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week high recorded last week. Meanwhile, U.S. gold futures rose 1.7% to $4,492.60 as investors digested new economic indicators and changing expectations about interest rates.
The upward trend was driven by Friday’s U.S. employment report, which indicated a drop of 23,000 nonfarm payroll jobs in July. The unemployment rate eased to 4.1% from 4.2% in June, while average hourly earnings increased by two cents to $37.62 during the month. The Bureau of Labor Statistics also revealed that payroll growth averaged 34,000 jobs monthly over the past year. Gold rose 2.4% on Friday after these labor figures influenced financial markets.
U.S. monetary policy remains a key factor for bullion prices because gold does not produce interest income. The Federal Reserve maintained its benchmark rate in a 3.5% to 3.75% range at its July meeting, with the decision supported by a 9-3 vote. Three officials preferred a quarter-point increase. The Fed also reported ongoing solid economic activity alongside inflation that remains above its 2% target.
Inflation reports now in focus
Markets are now awaiting the July Consumer Price Index, which will be released on Wednesday, August 12. In June, consumer prices decreased by 0.4% from the previous month, but remained 3.5% higher than a year earlier. Energy costs surged 15.7% over the year, and food prices increased by 3%. The upcoming July data will offer investors a fresh perspective on consumer inflation as gold trades at its strongest point in over two months.
Following that, the July Producer Price Index will be released on Thursday, August 13. Producer prices for final demand declined 0.3% in June. Gold had already extended its Friday rally on Monday, with spot prices rising 0.8% to $4,376.56 an ounce. Tuesday’s gain pushed gold above $4,400 and added to its three-day increase. This followed an early Monday dip, where gold briefly fell after reaching a seven-week high the previous session.
Precious metals also gain in broader market
Silver, platinum, and palladium all moved higher during Tuesday’s trading session. Spot silver increased 0.9% to $66.30 an ounce. Platinum rose 0.7% to $1,765.26, while palladium gained 0.8% to $1,394.00. These gains occurred amid a week focused on upcoming U.S. inflation data releases and renewed interest rate discussions. Among the major precious metals, gold remained the most prominent after extending its rise from Friday’s employment-related boost.
This latest upward movement marks a reversal from gold’s brief weakness early Monday, when prices slipped from their earlier seven-week high. The metal recovered later that day before climbing further on Tuesday. Spot gold remains below the record levels seen in January 2026, when prices exceeded $5,500 an ounce. With gold now at its highest point since early June, the upcoming consumer and producer inflation reports will serve as key data points for the market.