Powell said the Federal Reserve may further raise interest rates Gold prices end the four consecutive positive streak

Powell said the Federal Reserve may further raise interest rates

Gold prices end the four consecutive positive streak

The Market focuses on whether this week's non-farm data can provide support for further interest rate hikes

The US dollar remained stable last Friday and closed higher on the week. Earlier, Federal Reserve Chairman Powell stated that the Federal Reserve may need to further raise interest rates to ensure inflation is contained, but he promised to “act cautiously” at the upcoming meeting. Gold prices fell, ending four consecutive trading days of gains. This week, we will focus on non-farm data. After the hawkish stance of the Federal Reserve Chairman last week, we will focus on whether the employment data can demonstrate the resilience of the US economy and provide support for further interest rate hikes. In addition, we will pay attention to the speeches of multiple Federal Reserve officials and the release of the July monetary policy meeting minutes by the European Central Bank.

Gold prices fell last Friday, ending four consecutive days of gains after Federal Reserve Chairman Powell stated that further interest rate hikes may be needed.