Gold increased for a third consecutive session on Tuesday, reaching a peak not seen in over two months, as market participants concentrated on forthcoming inflation data for indications regarding the U.S. interest-rate trajectory. Spot gold increased by 0.5% to $4,411.77 per ounce as of 0030, marking its highest level since June 5. U.S. gold futures increased by 1.2%, reaching a price of $4,472.10. Weak July job market data on Friday led financial markets to reassess previously strong expectations regarding a potential interest rate hike by the U.S. central bank next month.

Data indicated that the U.S. economy experienced a loss of 23,000 jobs in July, coinciding with a slight decrease in the unemployment rate to 4.1% from June’s 4.2%. Lower rates enhance the attractiveness of bullion, given that it does not generate any interest. At its July meeting, the Federal Reserve maintained its current interest rates, although three officials expressed dissent, advocating for an increase. The U.S. consumer price data is scheduled for release on Wednesday, followed by the producer price data on Thursday.

U.S. President Donald Trump has countered Iran’s conditions for a peace deal by stipulating that Iran must provide compensation for individuals who have lost their lives in wars, attacks, and protests. This rhetorical escalation is expected to further complicate the efforts to reopen the Strait of Hormuz. Elsewhere, Barrick Mining reported a rise in second-quarter profit, buoyed by higher bullion prices. Among other metals, spot silver rose 0.6% to $66.16 per ounce, platinum gained 0.6% to $1,763.60, and palladium added 0.6% to $1,391.21.