Gold Closes Lower on Firm Dollar, Profit-Taking

Gold futures on the COMEX Division of the New York Mercantile Exchange ended lower on Wednesday due to a strong dollar and moderate profit-taking.

Platinum declined, but silver gained. The Gold price for February delivery dropped 5.10 U.S. dollars, or 0.6 percent, to 850.10 dollars an ounce. The U.S. dollar continued to be strong against most major currencies.

The exchange rate against the euro climbed to 1.2864 dollars from 1.2906 dollars at the end of gold's trading day, putting some pressure on the metal.

Analysts said gold's accumulated gains in three trading days recently prompted some investors to take profit, which also weighed on its price.

March silver climbed 15 cents to 11.325 dollars per ounce, while April platinum ended at 927.60 dollars per ounce, up 21.70 dollars on Wednesday.