NEW YORK / RankWire.AI / – Gold advanced for a third consecutive session on Tuesday as bullion extended its rebound from last week. Spot gold gained 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest level since June 5. U.S. gold futures climbed 1.7% to $4,492.60. The move pushed prices above the seven-week peak recorded last week and continued a recovery that accelerated after weaker U.S. employment data.
Friday’s labor report showed that U.S. nonfarm payrolls fell by 23,000 jobs in July. The unemployment rate stood at 4.1%, down from 4.2% in June. Average hourly earnings increased by two cents to $37.62 during the month. The Bureau of Labor Statistics also reported that payroll employment had risen by an average of 34,000 jobs per month over the previous year. Gold rose 2.4% on Friday after the employment figures were released.
Interest rates remain a central factor for gold markets because the metal does not offer a yield. The Federal Reserve kept the federal funds rate at 3.5% to 3.75% at its July meeting. Policymakers approved the decision by a 9-3 vote, with three officials favoring a quarter-point increase. The Federal Reserve also said economic activity continued to expand at a solid pace while inflation remained above its 2% target.
U.S. inflation data takes center stage
Markets are now focused on the July Consumer Price Index, scheduled for release on Wednesday, August 12. The June CPI fell 0.4% from the previous month but remained 3.5% higher than a year earlier. Energy prices increased 15.7% over the 12-month period, while food prices rose 3%. The July report will provide the latest official measure of consumer inflation as investors track changes in U.S. price pressures and interest-rate expectations.
The Producer Price Index for July is due on Thursday, August 13. Producer prices for final demand fell 0.3% in June. Gold had already extended Friday’s advance on Monday, rising 0.8% to $4,376.56 an ounce. Tuesday’s gain then carried spot bullion above $4,400 and to its strongest level in more than two months. The three-session rise followed an early Monday decline that had briefly pulled gold away from its earlier seven-week high.
Silver and platinum join the advance
Other precious metals also traded higher on Tuesday. Spot silver rose 0.9% to $66.30 an ounce, while platinum gained 0.7% to $1,765.26. Palladium increased 0.8% to $1,394.00. The broader rise came as financial and commodity markets monitored the same U.S. inflation calendar shaping attention around gold. Bullion remained the main focus after breaking above Monday’s levels and extending gains that began after Friday’s employment report.
Gold’s latest advance marks a sharp change from the early part of Monday’s session, when prices initially slipped from a seven-week peak. Bullion later reversed that decline and finished the day higher before extending gains on Tuesday. Spot prices remain below the record levels reached in January 2026, when gold traded above $5,500 an ounce. This week’s scheduled U.S. consumer and producer inflation reports now provide the next major set of official economic data for the market.