Gold Drops for Second Day as Dollar Strength Crimps Metal Demand
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Gold declined for the second straight session as a stronger dollar reduced demand for the precious metal as an alternative investment.
The dollar gained as much as 0.3 percent against a basket of currencies amid growing concern that Europe’s three-year-old debt crisis is weighing on the economy. Last week, the dollar rose 0.6 percent, while gold retreated 0.7 percent.