Mubasher: Gold prices dropped heavily in May, losing more than $20, as it was affected by the surging dollar, despite trade tensions that are yet to lead to a rise in demand on safe haven.

The precious metal ended Thursday's session in a 0.1% decline lower to settle at $1,304.70 per ounce.

Gold ended the second month in a row with losses, losing 1.5%, or $20.6 per ounce, compared to its level by the end of April.