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Metals Stocks: Gold slides as private-sector hiring boost is seen lifting Fed rate-hike prospects

Gold futures dropped Thursday as a firmer dollar soured investor appetite for the yellow metal and a robust snapshot of private-sector hiring boosted expectations a day ahead of the much-anticipated May jobs report.

The looming payrolls report is sidelining some investors but it’s largely expected to include strong enough numbers that would all but confirm the Federal Reserve’s willingness to raise interest rates midmonth, as the central bank has signaled in member speeches. Thursday’s strong ADP private hiring figures left some economists raising their projections for the more widely followed government-issued figures due at 8:30 a.m. Eastern Friday.

In reaction, August gold GCQ7, -0.67% fell $10.90, or 0.9%, to $1,264.60 an ounce, deepening earlier declines.

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