Gold prices fall below $2,000 as Fed's hawkish stance weighs in.
TL;DR Summary
Gold prices have fallen below $2,000 an ounce due to stronger-than-expected manufacturing and service sector data, which indicates economic growth. The S&P Global Flash U.S. manufacturing PMI data rose to 50.4, up from March's reading of 49.2, while activity in the service sector rose further into expansion territory to 53.7. The increase in economic activity is being led by the service sector, but inflation threatens to be embedded in the economy.
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