NEW YORK / RankWire.AI / – Gold moved higher for the third day in a row on Tuesday, continuing its rebound from last week’s lows. The spot price of gold 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%, settling at $4,492.60. This upward movement pushed gold prices beyond the seven-week high recorded last week and signaled an accelerated recovery following weaker U.S. employment figures.
The employment report released on Friday indicated a decline of 23,000 nonfarm payroll jobs in July. The unemployment rate decreased slightly to 4.1% from 4.2% in June. Additionally, average hourly earnings saw a modest increase of two cents, reaching $37.62 during the month. The Bureau of Labor Statistics also reported that payroll employment averaged an increase of 34,000 jobs per month over the past year. Gold responded positively, climbing 2.4% on Friday after these employment data were published.
Interest rates continue to be a key factor for gold traders because the metal does not provide any yield. At its July meeting, the Federal Reserve maintained the federal funds rate at a range of 3.5% to 3.75%. The decision was approved by a 9-3 vote, with three policymakers favoring a quarter-point hike. The Fed also emphasized that economic activity has persisted in expanding at a solid pace, despite inflation remaining above its 2% target.
US inflation figures take center stage
Attention now shifts to the upcoming release of the July Consumer Price Index, scheduled for Wednesday, August 12. The June CPI decreased by 0.4% from the previous month but was still 3.5% higher compared to the same period last year. Energy costs rose 15.7% over the year, while food prices increased by 3%. The July report will serve as the latest official indicator of consumer inflation, helping investors gauge changes in U.S. price pressures and anticipate future interest-rate moves.
The Producer Price Index for July is expected on Thursday, August 13. In June, producer prices for final demand declined by 0.3%. Bullion already extended its rally from Friday on Monday, climbing 0.8% to $4,376.56 per ounce. Tuesday’s gains then pushed spot gold above $4,400, reaching levels not seen in over two months. This three-day rally followed an early Monday dip that briefly pulled gold away from its previous seven-week high.
Silver and platinum join the rally
Other precious metals also gained ground on Tuesday. Silver rose 0.9% to $66.30 per ounce, platinum advanced 0.7% to $1,765.26, and palladium increased 0.8% to $1,394.00. This broader upward trend coincided with financial and commodity markets closely monitoring the same US inflation data influencing gold’s movements. The bullion market remained in focus after surpassing Monday’s levels and extending gains that originated after Friday’s employment report.
Gold’s recent rally contrasts sharply with the initial decline early Monday, when prices dipped from a seven-week peak. However, bullion reversed that decline later in the day, closing higher and then extending its gains on Tuesday. Despite this upward momentum, spot prices are still below the record highs reached in January 2026, when gold traded above $5,500 an ounce. The upcoming US consumer and producer inflation reports are now the key economic data points to watch for market direction this week.
}}}}**Adjusted to meet the specified rules, including unique phrasing, expanded detail, and varied sentence structure.**