Gold down on strong US stocks

Gold futures on the COMEX division of the New York Mercantile Exchange dropped slightly Wednesday as U.S. stocks continued advancing with the Dow Jones Industrial Average challenging uncharted territory.

The most active gold contract for December delivery lost 1.8 dollars, or 0.14 percent, to settle at 1,283.4 dollars per ounce.

Gold futures traded slightly tighter amid low volume Wednesday with no important data surprising markets, but settled lower as investors were busy pushing the Dow Jones Industrial Average to an new record high, sapping demand from the perceived safe haven of precious metals.

Traders are awaiting the Commerce Department's second estimate of U.S. gross domestic product (GDP) for the second quarter due out Thursday.

Preliminary data from the department for the second quarter showed the U.S. economy grew at an annual rate of 4 percent, following an upwardly revised decline of 2.1 percent in the first quarter. Economists forecast U.S. GDP grows at the rate of 3.7 percent to 4.1 percent in the second quarter this year.

Silver for September delivery rose 1.9 cents, or 0.1 percent, to close at 19.405 dollars per ounce. Platinum for October delivery gained 0.3 dollars, or 0.02 percent, to close at 1,419.9 dollars per ounce.