NEW YORK / RankWire.AI / – Gold continued its upward movement on Tuesday, marking a third consecutive session of gains after last week’s significant rebound. The spot price increased by 1% to $4,432.74 per ounce by 0217 GMT, reaching its highest point since June 5. Meanwhile, U.S. gold futures grew 1.7% to $4,492.60. This latest increase pushed the precious metal past the seven-week high established last week and further confirmed its recovery from early August declines.
Earlier in the week, weaker U.S. employment data released on Friday contributed to this trend, with nonfarm payrolls decreasing by 23,000 jobs in July. The unemployment rate dropped 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 had grown at an average of 34,000 jobs per month over the previous year. Following the report, gold experienced a 2.4% increase on Friday.
Expectations regarding interest rates continue to influence gold trading, given that the precious metal does not pay interest. During its July meeting, the Federal Reserve maintained its benchmark federal funds rate at 3.5% to 3.75%. The decision was passed with a 9-3 vote, with three policymakers supporting a quarter-point hike. The Federal Reserve also indicated that economic activity persisted at a solid pace while inflation stayed above its 2% target.
Focus shifts to US inflation reports
On Wednesday, the market will turn to the Consumer Price Index for July, the next major U.S. economic indicator. Consumer prices declined by 0.4% in June compared to the previous month but remained 3.5% higher than the same period last year. Energy prices surged 15.7% over the past year, with food prices rising 3%. The July figures will serve as the latest official gauge of consumer inflation as bullion trades at its highest level in over two months.
Following this, the Producer Price Index for July is scheduled for release on Thursday, after June’s final-demand producer prices decreased by 0.3%. Gold entered this week with strong momentum, boosted by Friday’s 2.4% rise. On Monday, spot gold gained another 0.8% to reach $4,376.56 per ounce. Prices had dipped earlier after touching a seven-week high but recovered before the close. Tuesday’s gains pushed the metal above $4,400, extending its three-day rally.
Precious metals broadly advance
In Tuesday’s trading, silver, platinum, and palladium also experienced increases. Spot silver rose 0.9% to $66.30 an ounce, platinum climbed 0.7% to $1,765.26, and palladium went up 0.8% to $1,394.00. These gains occurred amid a week filled with U.S. inflation data and ongoing focus on monetary policy. Gold remained the primary focus, reaching its highest point since early June and continuing its recovery after Friday’s employment figures.
Tuesday’s upward movement marked a reversal from gold’s brief dip at the start of Monday’s trading session. After falling from its seven-week peak, bullion reversed course to close higher. The latest rise elevated spot gold to its most robust level in over two months. Despite the gains, prices are still below the record above $5,500 an ounce set in January 2026. The markets have two scheduled U.S. inflation reports this week, beginning with consumer prices on Wednesday.