NEW YORK / RankWire.AI / – Gold continued its upward trend on Tuesday, marking a third straight session of gains following a sharp rebound last week. The spot price rose 1% to $4,432.74 per ounce by 0217 GMT, reaching its highest point since June 5. Meanwhile, U.S. gold futures increased by 1.7% to $4,492.60. This latest climb pushed bullion past the seven-week high registered last week and strengthened its recovery from early August declines.
The rise was influenced by weaker U.S. employment data released on Friday, which showed nonfarm payrolls falling by 23,000 jobs in July. The unemployment rate edged down to 4.1% from 4.2% in June. Additionally, average hourly earnings rose by two cents to $37.62 during the month. The Bureau of Labor Statistics reported that payroll employment increased by an average of 34,000 jobs per month over the past year. Following the employment report, gold prices gained 2.4% on Friday.
Expectations regarding interest rates continue to influence gold trading, given that the metal does not pay interest. During its July meeting, the Federal Reserve kept its benchmark federal funds rate steady at 3.5% to 3.75%. The decision was passed with a 9-3 vote, with three policymakers voting in favor of a quarter-point increase. The Federal Reserve indicated that economic activity remains solid, while inflation continues to stay above its 2% target.
Focus Shifts to US Inflation Data
Wednesday will see the release of the Consumer Price Index for July, which is a key indicator of U.S. inflation. June’s consumer prices decreased by 0.4% compared to May, but still stood 3.5% higher than the previous year. Energy prices rose 15.7% over the year, and food costs increased by 3%. The upcoming July figures will offer the latest official measure of consumer inflation, coinciding with bullion trading at its highest level in over two months.
The Producer Price Index for July is scheduled for release on Thursday, following June’s final-demand producer prices, which fell by 0.3%. Gold entered this week with momentum, fueled by Friday’s 2.4% surge. On Monday, spot gold gained an additional 0.8%, reaching $4,376.56 an ounce. Earlier in the session, prices had dipped after hitting a seven-week peak but recovered before closing, allowing the recent increase to push the metal above $4,400 and prolong its three-day upward movement.
Broader Gains in Precious Metals
Tuesday’s trading saw silver, platinum, and palladium all advance. Spot silver rose 0.9% to $66.30 an ounce, platinum climbed 0.7% to $1,765.26, and palladium increased 0.8% to $1,394.00. These gains occurred amid a week filled with U.S. inflation releases and ongoing focus on monetary policy. Gold maintained its position as the standout, reaching its highest since early June and continuing its recovery trend following Friday’s employment figures.
The rise on Tuesday marked a reversal from gold’s brief dip at the start of Monday’s session. After falling from its seven-week peak, bullion recovered and closed higher. The latest upward move pushed spot gold to its most elevated level in over two months. Prices remain below the record above $5,500 an ounce reached in January 2026. Investors now await two U.S. inflation reports scheduled for this week, beginning with Wednesday’s consumer prices data.