NEW YORK / RankWire.AI / – Gold climbed for a third straight session on Tuesday, extending a sharp rebound from last week. Spot gold rose 1% to $4,432.74 an ounce by 0217 GMT. That marked its highest level since June 5 and pushed prices beyond the seven-week peak reached last week. U.S. gold futures gained 1.7% to $4,492.60. The advance followed gains on Friday and Monday as global bullion markets tracked U.S. economic data and interest-rate expectations.
Gold’s latest move followed the release of weaker U.S. employment figures on Friday. The U.S. Bureau of Labor Statistics said nonfarm payrolls fell by 23,000 jobs in July. The unemployment rate stood at 4.1%, compared with 4.2% in June. Average hourly earnings rose by two cents to $37.62 during July. Payroll employment had increased by an average of 34,000 per month during the previous 12 months, according to the government data.
The Federal Reserve kept its benchmark federal funds rate at 3.5% to 3.75% at its July meeting. The decision passed by a 9-3 vote. Three policymakers preferred a quarter-point increase in the target range. The central bank said economic activity continued to expand at a solid pace while inflation remained above its 2% goal. Gold markets have closely tracked changes in U.S. rate expectations because bullion does not pay interest.
Inflation data moves into focus
Attention now turns to the U.S. consumer inflation report for July. The government will release the Consumer Price Index on Wednesday, August 12, at 8:30 a.m. Eastern Time. Consumer prices fell 0.4% in June from the previous month. The index nevertheless stood 3.5% above its level a year earlier. Energy prices were 15.7% higher over that 12-month period, while food prices increased 3%. The July figures will provide the next official reading on U.S. inflation.
The Producer Price Index for July follows on Thursday, August 13, adding another measure of inflation conditions. Producer prices for final demand fell 0.3% in June. Gold had already gained 2.4% on Friday after the employment report showed the unexpected payroll decline. Spot bullion then advanced 0.8% on Monday to $4,376.56 an ounce. Tuesday’s rise carried the metal above $4,400 and extended its recovery from levels near $4,000 reached earlier this month.
Precious metals rise alongside gold
Other precious metals also moved higher during Tuesday’s trading. Spot silver gained 0.9% to $66.30 an ounce. Platinum increased 0.7% to $1,765.26, while palladium advanced 0.8% to $1,394.00. The gains came as commodity and financial markets monitored U.S. inflation data and developments affecting interest-rate expectations. Gold remained the strongest focus after reaching its highest price in more than two months, extending a three-session advance that began after last week’s U.S. employment figures.
The latest increase marks a clear reversal from gold’s early decline at the start of Monday’s session. Bullion had initially slipped from a seven-week high before recovering later that day. Tuesday’s advance lifted the market to its highest level since early June and extended the rebound for a third session. Gold remains below its January 2026 record, when spot prices climbed above $5,500 an ounce. The market’s immediate calendar now centers on this week’s scheduled U.S. consumer and producer inflation releases.