NEW YORK / RankWire.AI / – Gold extended its advance on Tuesday, rising for a third consecutive session after last week’s sharp rebound. Spot gold climbed 1% to $4,432.74 an ounce by 0217 GMT, its highest level since June 5. U.S. gold futures gained 1.7% to $4,492.60. The latest rise took bullion beyond the seven-week peak reached last week and reinforced its recovery from early August losses.
The move followed weaker U.S. employment figures released Friday, when nonfarm payrolls fell by 23,000 jobs in July. The unemployment rate declined to 4.1% from 4.2% in June. Average hourly earnings increased by two cents to $37.62 during the month. The Bureau of Labor Statistics said payroll employment had grown by an average of 34,000 jobs per month over the prior year. Gold gained 2.4% on Friday following the report.
Interest-rate expectations also remain closely linked to gold trading because the precious metal pays no interest. The Federal Reserve left its benchmark federal funds rate at 3.5% to 3.75% during its July meeting. The decision passed by a 9-3 vote, with three policymakers supporting a quarter-point increase. The Federal Reserve also said economic activity continued to expand at a solid pace while inflation remained above its 2% objective.
U.S. inflation readings take focus
The next major U.S. economic release comes Wednesday with the Consumer Price Index for July. Consumer prices fell 0.4% in June from the previous month but stood 3.5% above year-earlier levels. Energy prices increased 15.7% over the 12-month period, while food prices rose 3%. The July figures will provide the latest official measure of consumer inflation as bullion trades at its strongest level in more than two months.
The Producer Price Index for July follows on Thursday after final-demand producer prices declined 0.3% in June. Gold entered this week with strong momentum after Friday’s 2.4% increase. Spot bullion added another 0.8% on Monday to reach $4,376.56 an ounce. Prices had fallen earlier that session after touching a seven-week high, but gold recovered before the close. Tuesday’s increase then carried the metal above $4,400 and extended the three-day advance.
Precious metals post broader gains
Silver, platinum and palladium also rose during Tuesday’s precious-metals trading. Spot silver increased 0.9% to $66.30 an ounce, while platinum gained 0.7% to $1,765.26. Palladium advanced 0.8% to $1,394.00. The broader gains came during a week packed with U.S. inflation data and continued attention on monetary policy. Gold remained the strongest focus after reaching its highest price since early June and extending the recovery that started after Friday’s employment data.
Tuesday’s rise marked another shift from gold’s brief retreat at the start of Monday trading. Bullion had moved lower from its seven-week peak before reversing course and ending the session higher. The latest advance lifted spot gold to its strongest level in more than two months. Prices remain below the record above $5,500 an ounce reached in January 2026. Markets now have two scheduled U.S. inflation releases this week, beginning with consumer prices on Wednesday.