Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as stocks and the U.S. dollar strengthened.
The most active gold contract for December delivery edged down 3.60 U.S. dollars, or 0.28 percent, to close at 1,273.20 dollars per ounce.
The Dow Jones Industrial Average continued its bullish trend, going up 101.85 points, or 0.45 percent, to reach 22,763.49 as of 1736 GMT. When equities post gains, the precious metal usually goes down, as investors are lured to the stocks market.
Meanwhile, the U.S. dollar index, a measure of the greenback against a basket of other major currencies, rose 0.49 percent to 93.95 as of 1726 GMT. Gold and the dollar typically move in opposite directions. If the dollar goes up, gold futures will fall.
Analysts also believe that the strength of U.S. dollar was driven by weakness in the euro amid uncertainty surrounding the future of Catalan region, which seeks unilateral independence from Spain.
The recent Catalan independence referendum has been declared illegal by the Spanish Constitutional Court.
As for other precious metals,silver for December delivery went up 1.4 cents, or 0.08 percent, to close at 16.638 dollars per ounce. Platinum for next January rose 3.2 dollars, or 0.35 percent, to settle at 918 dollars per ounce.
The most active gold contract for December delivery edged down 3.60 U.S. dollars, or 0.28 percent, to close at 1,273.20 dollars per ounce.
The Dow Jones Industrial Average continued its bullish trend, going up 101.85 points, or 0.45 percent, to reach 22,763.49 as of 1736 GMT. When equities post gains, the precious metal usually goes down, as investors are lured to the stocks market.
Meanwhile, the U.S. dollar index, a measure of the greenback against a basket of other major currencies, rose 0.49 percent to 93.95 as of 1726 GMT. Gold and the dollar typically move in opposite directions. If the dollar goes up, gold futures will fall.
Analysts also believe that the strength of U.S. dollar was driven by weakness in the euro amid uncertainty surrounding the future of Catalan region, which seeks unilateral independence from Spain.
The recent Catalan independence referendum has been declared illegal by the Spanish Constitutional Court.
As for other precious metals,silver for December delivery went up 1.4 cents, or 0.08 percent, to close at 16.638 dollars per ounce. Platinum for next January rose 3.2 dollars, or 0.35 percent, to settle at 918 dollars per ounce.
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