ActivTrades senior analyst Evangeline said that the rise in gold prices and the fall in the US dollar were mainly due to Fed Chairman Powell's acknowledgement that inflation is finally developing in the right direction, and today's data shows that labor demand has cooled, confirming Powell's statement. People's hopes for a US rate cut are increasing. He said that Powell's comments raised traders' expectations that the Fed would cut interest rates shortly after the end of the summer, although Powell also pointed out that more progress is needed before the central bank begins to relax monetary policy. Today's latest Fed meeting minutes may provide more clues to decision-makers' emotions, while Friday's employment data is another key moment for gold traders.