Gold Slides on Stronger Dollar, Move to Risky Assets

Gold dropped on Thursday, draining some of its safe-haven appeal, in reaction to a stronger dollar and indications that the global economy, led by recent positive data from the United States, is on better footing.

As quoted in market news:

The metal hit a two-week high of $1,599.10 in the previous session on continued concerns about the euro zone, but failed in its attempt to break above $1,600, due to pressures from a stronger dollar and persistent redemptions in gold-backed exchange-traded funds. It later closed at $1,587.29.

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