Gold prices fall marginally as US dollar rises

Gold prices fell marginally on Thursday, with the US dollar hitting multi-month high, after the Federal Reserve's policy committee meeting minutes showed that the bank may begin to scale back monetary stimulus this year.

The facts of the July meeting showed that US central bank officials see the possibility of reducing the bond-buying program this year, if the economy continues to improve as expected.

Gold futures contracts for December delivery fell 0.1% to reach 1,782.1 per ounce, at 10:10am Makkah time, while spot price for delivery decreased 0.4% to $1,781.35 per ounce.

Elsewhere, silver futures for September delivery fell 0.2% to reach $23.31 an ounce, while spot price for platinum declined 1.3% to reach $986.45, and palladium decreased 0.4% to reach $2,417.24 per ounce.

At the same time, the dollar index rose 0.3% to record 93.43 points, near its highest level since Nov. 5.