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Gold Futures Slid On Stronger Dollar

Gold futures dropped 2% below $800 an ounce on Thursday as dollar gained

Gold futures dropped 2% below $800 an ounce on Thursday, coming under pressure as the dollar gained against most other major currencies, lowering the investment allure of the precious metal.

Gold for February delivery dropped $14.80 to finish at $804 an ounce on the New York Mercantile Exchange.

"The primary factor behind the decline was the relative firmness in the U.S. dollar and a stall in the price of crude, whose traders are well aware that an economic slowdown would quite likely negatively impact the demand for black gold," said Jon Nadler, senior analyst at Kitco Bullion Dealers, in a research note.