ADP Reports 122K Private-Sector Jobs Created in May, Gold Falls Below $4,500

ADP-1.41%
According to ADP, the private sector created 122,000 jobs in May, exceeding both April's 109,000 and consensus forecasts of 118,000. The stronger-than-expected labor data pressured gold prices, with spot gold trading at $4,460.40 per ounce, down 0.60% on the day. Expectations of potential Federal Reserve interest rate increases amid persistent inflation concerns continued to weigh on the precious metals market.
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