Bloomberg reported that European debt woes pushed the dollar up, causing gold prices to drop.

As quoted in market news:

Spot gold dropped 0.5 percent to $1,566.55 an ounce at 1:46 p.m. in Singapore. The price lost 8 percent in the preceding three days, and is set for the worst weekly fall since the period to Sept. 23.

Click here to read the full Bloomberg report.