Gold Price Outlook: Jobs and Inflation Data to Confirm Fed's Stance on Rate Hikes

Gold is experiencing its worst week since February as the Federal Reserve's hawkish outlook of two more rate hikes weighs on the precious metal. The gold market is down around $40 on the week, with August Comex gold futures last trading at $1,931.30 an ounce. Federal Reserve Chair Jerome Powell remained fully committed to two more rate hikes during his testimonies before the U.S. Congress this week. The gold space started to price out potential rate cuts at the end of this year. In the next few weeks, the gold market will carefully monitor whether the macro data, especially labor and inflation reports, support the Fed's view of two more rate hikes.