LONDON: Gold prices extended losses on Friday to fall 2 percent, their biggest one-day drop since mid-April, after pressure from a stronger dollar and rising stocks pushed the metal through key chart levels, prompting heavy liquidation of US futures.

Spot gold hit a low of $1,428.40 an ounce and was down 1.7 percent at $1,433.10 an ounce at 1156 GMT. US gold futures for April delivery were down 2.4 percent at $1,433 an ounce, having hit a low of $1,427.10.