Gold drops on dollar strength

Gold prices dropped on Thursday.

Moreover, prospects for more U.S. interest rate hikes and a subdued outlook for global economic growth bolstered the dollar.

Spot gold inched down 0.3 percent at $1,653.79 per ounce, as of 0404 GMT, after rising about 2 percent in its biggest daily gain since March on Wednesday.

U.S. gold futures declined 0.5 percent to $1,662.40.