Gold Drops as Economic Recovery Curbs Metal’s Investment Demand
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Gold declined on speculation that an economic recovery will curb demand for the metal as an alternative investment.
The dollar gained against the euro after a Labor Department report showed the U.S. jobless rate in January unexpectedly fell to 9 percent, the lowest in 21 months. Earlier, gold reached a two-week high of $1,361 an ounce as the mounting conflict in the Middle East boosted demand for a haven.