NEW YORK / RankWire.AI / – Gold prices have increased for the third consecutive session on Tuesday, building on a recovery that started late last week. The spot price climbed 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 advanced 1.7% to $4,492.60 as investors monitored new economic indicators and changing expectations for interest rates.
The upward movement followed the U.S. employment report released on Friday, which indicated that nonfarm payrolls declined by 23,000 jobs in July. The unemployment rate improved slightly to 4.1% from 4.2% in June. Additionally, 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 per month over the past year. After the labor data was announced, gold prices surged 2.4% on Friday, reflecting the market’s reaction.
Gold’s price movements are heavily influenced by U.S. monetary policy, given that gold does not generate interest income. The Federal Reserve maintained its benchmark rate within a range of 3.5% to 3.75% at its July meeting, with the decision passing by a 9-3 vote. Three officials favored a quarter-point increase instead. The Federal Reserve also noted ongoing robust economic activity, even as inflation remains above its 2% target.
Inflation Reports to Take Center Stage Next
The market now anticipates the July Consumer Price Index, which is due for release on Wednesday, August 12. In June, consumer prices dropped 0.4% from the previous month but remained 3.5% higher than a year prior. Energy prices increased by 15.7% over the year, while food prices went up by 3%. The upcoming July data will offer investors a current perspective on consumer inflation, with gold trading at its most robust level in over two months.
Following this, the July Producer Price Index is set to be released on Thursday, August 13. Producer prices for final demand fell 0.3% in June. Gold extended its gains from Friday on Monday, with spot prices rising 0.8% to $4,376.56 an ounce. Tuesday’s advance pushed gold above $4,400 and continued its three-day upward trend. This rally came after a brief dip on Monday, when gold briefly declined after reaching a seven-week high in the previous session.
Major Precious Metals Follow Gold’s Lead in Market Gains
On Tuesday, silver, platinum, and palladium also experienced upward movements. Spot silver increased by 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 increases occurred amid a week focused on upcoming U.S. inflation data releases and renewed attention to interest rate trends. Gold remained the standout among the key precious metals, maintaining its upward momentum after Friday’s employment-driven rise.
This latest price increase marks a reversal from gold’s brief decline early Monday, when prices dipped from their recent seven-week peak. The metal recovered later that day before continuing higher on Tuesday. Currently, spot gold remains below the record levels seen in January 2026, when prices traded above $5,500 an ounce. With gold at its highest point since early June, the upcoming consumer and producer inflation reports will be crucial market indicators moving forward.