Gold slipped below $1,400 per ounce on May 31st, closing out May with its seventh monthly decline in the last eight. Loss was driven by a combination of profit-taking, strength in the dollar, and an overall improvement in the U.S. economic outlook.

Reference: http://www.meritgold.com/merit-gold-news-network-detail/merit-gold-news-network-may-31-2013