Gold slips on strong US stocks and dollar

Gold futures on the COMEX division of the New York Mercantile Exchange fell Thursday as U.S. equities kept advancing and the dollar extended its gains against the euro after the European Central Bank (ECB) decided to cut interest rates.

The most active gold contract for December delivery dropped 3.8 U.S. dollars, or 0.30 percent, to settle at 1,266.5 dollars per ounce.

Both the S&P 500 and Dow Jones Industrial Average hit intraday record highs on Thursday, pushing down safe haven demand for the precious metal.

Analysts note that the dollar rose sharply against the euro Thursday after the European Central Bank cut interest rates in a surprise move, further consolidating gold's fall.

A long-term news for gold, Cleveland Federal Reserve President Loretta Mester joined the hawks on Thursday saying that the pledge to keep interest rates at near-zero for a period after the end of the bond-buying program has outlived its usefulness.

Silver for December delivery lost 5.1 cents, or 0.27 percent, to close at 19.138 dollars per ounce. Platinum for October delivery lost 4.2 dollars, or 0.30 percent, to close at 1,408.3 dollars per ounce.