Related: Gold Is Getting Hammered as U.S. Dollar Soars
Other data revealed job openings rising to a record high in April and outpacing hiring.
Additionally, the Institute for Supply Management’s non-manufacturing activity index advanced 1.8 points to 58.6, ending three consecutive monthly declines and signaling expansion in the sector, which makes up more than two thirds of U.S. economic activity.
Consequently, gold watchers may be wary of further monetary policy tightening as the strong growth and tighter labor market should guarantee the Fed will raise rates next week and even hike rates two more times later this year.
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