NEW YORK / RankWire.AI / – Gold extended its winning streak to a third consecutive session on Tuesday, building on a significant rebound from the previous week. The spot price increased by 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week peak established last week. Meanwhile, U.S. gold futures rose 1.7% to $4,492.60. This upward momentum followed gains on Friday and Monday, as global bullion markets responded to U.S. economic indicators and expectations for interest-rate adjustments.
The recent rally in gold was triggered by the release of softer U.S. employment data on Friday. The U.S. Bureau of Labor Statistics reported a decline of 23,000 nonfarm payroll jobs in July. The unemployment rate held steady at 4.1%, down from 4.2% in June. During July, average hourly earnings increased by two cents to $37.62. Over the past year, payroll employment grew by an average of 34,000 jobs per month, according to government statistics.
The Federal Reserve maintained its benchmark federal funds rate at a range of 3.5% to 3.75% during its July meeting, with a 9-3 vote in favor of keeping rates unchanged. Three policymakers favored a quarter-point hike in the target rate. The central bank noted that economic activity continued to expand at a solid pace, although inflation remained above its 2% goal. Since bullion does not pay interest, gold markets have closely monitored shifts in U.S. rate expectations.
Focus Shifts to Inflation Data
Market participants are now awaiting the U.S. consumer inflation report for July. The government will publish the Consumer Price Index on Wednesday, August 12, at 8:30 a.m. Eastern Time. In June, consumer prices declined by 0.4% from the previous month, yet the index was still 3.5% higher than a year earlier. Energy costs rose 15.7% over the past 12 months, while food prices increased by 3%. The upcoming July figures will serve as the next official indicator of U.S. inflation trends.
On Thursday, August 13, the Producer Price Index for July will be released, providing further insights into inflation dynamics. In June, producer prices for final demand decreased by 0.3%. Gold had already gained 2.4% on Friday following the employment report, which showed an unexpected decline in payrolls. On Monday, spot bullion increased by 0.8% to $4,376.56 an ounce. Tuesday’s rise pushed the price above $4,400 and extended the recovery from levels near $4,000 seen earlier this month.
Other Precious Metals Follow Gold’s Upward Trend
Tuesday’s trading saw gains across other precious metals as well. Spot silver advanced 0.9% to $66.30 an ounce. Platinum increased by 0.7% to $1,765.26, and palladium moved up 0.8% to $1,394.00. These gains were driven by market attention to U.S. inflation data and developments influencing interest-rate expectations. After reaching its highest price in over two months, gold’s continued rise marks a three-session rally that began following last week’s employment figures.
This latest increase signals a notable turnaround from gold’s early decline at the start of Monday’s session. The metal initially dipped from a seven-week high before rebounding later that day. The rally on Tuesday lifted gold to its highest point since early June and marked the third consecutive session of gains. Although still below its January 2026 record when spot prices exceeded $5,500 an ounce, the market’s immediate focus remains on this week’s scheduled U.S. inflation reports, both consumer and producer.