Gold futures on the COMEX division of the New York Mercantile Exchange fell more than 1 percent on Thursday as the U.S. dollar strengthened and equities rallied.
The most active gold contract for June delivery plunged 18.10 dollars, or 1.33 percent, to settle at 1341.90 dollars per ounce.
The U.S. Dollar Index, a measure of the dollar against a basket of other major currencies, rose 0.32 percent to 89.80 as of 1648 GMT, apparently boosted by minutes of U.S. Federal Reserve's March policy meeting, which reinforced the view that more interest-rate hikes are on the way this year.
Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors using other currencies.
Additional pressure came from the stock markets. The Dow Jones Industrial Average rallied on Thursday, rising 349.70 points, or 1.45 percent as of 1658 GMT. When equities post big gains, the precious metal usually goes down, as investors are not necessarily looking for a safe haven.
Gold slid also over eased geopolitical worries in Syria, at least for now.
U.S. President Donald Trump played down the possibility of an imminent attack on Syria in a tweet post on Thursday. "Never said when an attack on Syria would take place. Could be soon or not so soon at all!" he wrote.
Trump canceled a planned trip to South America, overseeing the situation in Syria following an alleged chemical attack that killed dozens of people, which Damascus denied any involvement in.
The escalation of tensions surrounding Syria had sent gold prices 1 percent higher in the previous session.
As for other precious metals, silver for May delivery fell 29.5 cents, or 1.76 percent, to settle at 16.473 dollars per ounce. Platinum for July rose 50 cents, or 0.05 percent, to close at 934.80 dollars per ounce.
The most active gold contract for June delivery plunged 18.10 dollars, or 1.33 percent, to settle at 1341.90 dollars per ounce.
The U.S. Dollar Index, a measure of the dollar against a basket of other major currencies, rose 0.32 percent to 89.80 as of 1648 GMT, apparently boosted by minutes of U.S. Federal Reserve's March policy meeting, which reinforced the view that more interest-rate hikes are on the way this year.
Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors using other currencies.
Additional pressure came from the stock markets. The Dow Jones Industrial Average rallied on Thursday, rising 349.70 points, or 1.45 percent as of 1658 GMT. When equities post big gains, the precious metal usually goes down, as investors are not necessarily looking for a safe haven.
Gold slid also over eased geopolitical worries in Syria, at least for now.
U.S. President Donald Trump played down the possibility of an imminent attack on Syria in a tweet post on Thursday. "Never said when an attack on Syria would take place. Could be soon or not so soon at all!" he wrote.
Trump canceled a planned trip to South America, overseeing the situation in Syria following an alleged chemical attack that killed dozens of people, which Damascus denied any involvement in.
The escalation of tensions surrounding Syria had sent gold prices 1 percent higher in the previous session.
As for other precious metals, silver for May delivery fell 29.5 cents, or 1.76 percent, to settle at 16.473 dollars per ounce. Platinum for July rose 50 cents, or 0.05 percent, to close at 934.80 dollars per ounce.
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