Gold prices slide

Reuters

Singapore

Gold dropped one percent on Thursday, extending losses into a third session as the U.S. dollar strengthened and Asian stocks gained on hopes that global central banks would ease monetary policies to support softening economies.

Asian shares rose to their highest levels in more than four months and regional currencies weakened against the greenback after Singapore's central bank surprised markets by setting the rate of appreciation of the Singapore dollar policy band at zero percent.

Spot gold dropped as low as $1,228.70 an ounce, before paring losses to trade down 0.8 percent at $1,232.50 by 0633 GMT.

U.S. gold futures slid as much as 1.4 percent. Silver futures tumbled nearly 2 percent snapping a five-day winning streak, while platinum and palladium fell 1 percent.