Recently, Fed official Harmack made notable remarks at the European Central Bank meeting. He expressed concerns about the inflation level in the US service sector, stating that the current inflation rate remains above the ideal level and is showing unfavorable trends. Harmack emphasized that, in the Fed's dual mandate, controlling inflation is more urgent than addressing the weakness in the job market.

At the same time, financial markets are closely watching the upcoming U.S. employment data. Mitsubishi UFJ analyst Lee Hardman predicts that if the September non-farm payroll report shows continued weakness in job growth, the dollar may face further downside risk. He speculates that weak employment data could reinforce market expectations for the Fed to cut rates in October. Lee Hardman further anticipates that the dollar may weaken before the end of the year, as weakness in the labor market could prompt the Fed to lower rates twice more this year, each time by 25 basis points.

Analyst Dillin Wu from Pepperstone pointed out that U.S. employment data will be a key factor influencing the future trend of gold. Currently, the market widely expects the Fed to further cut interest rates, which provides support for gold prices. In addition, several factors are increasing the demand for gold, including the U.S. tariff policy, global geopolitical tensions, and the potential risk of a government shutdown in the U.S. The inflow of funds into gold ETFs and the participation of momentum traders also provide additional support for gold prices.

Analysts believe that if the upcoming employment data is weaker than expected while the unemployment rate remains stable, the Fed may consider adopting a more accommodative monetary policy. In this case, not only could the dollar's performance be affected, but the gold market may also face new opportunities and challenges.

Currently, the global financial markets are in a sensitive period, and investors need to closely monitor the U.S. employment data, inflation trends, and the Fed's policy direction in order to promptly adjust their investment strategies to respond to potential market fluctuations.