Gold lower as U.S. stocks trade higher

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as the market regained a certain level of stability in the wake of the United Kingdom referendum to exit the European Union.

The most active gold contract for August delivery fell 6.30 U.S. dollars, or 0.47 percent, to settle at 1,320.60 dollars per ounce.

The precious metal was put under pressure as the U.S. Dow Jones Industrial Average rose by 197.75 points, or 1.12 percent as of 18:45 GMT. Analysts noted that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when U.S. equities post gains.

Gold was put under pressure as the U.S. Dollar Index rose by 0.6 percent to 96.23 as of 18:30 GMT.

Analysts note that strength in the U.S. Dollar and U.S. equities is an encouraging sign for the markets, dampening demand for gold.

Earlier in the week there was a rush to the precious metal as a safe haven after the United Kingdom voted to leave the European Union. The referendum has been dubbed the "Brexit" by investors and is largely seen as a highly destabilizing move.

Analysts noted that the Brexit has caused volatility in the market, driving investors to gold as a safe haven.

The U.S. Department of Labor released its weekly jobless claims report on Thursday, adding neither pressure nor support to the precious metal as jobless claims rose by a within-expectations 10,000 to 268,000 claims during the week of June 25.

Silver for September delivery rose 21.60 cents, or 1.17 percent, to close at 18.623 dollars per ounce. Platinum for October delivery added 10.80 dollars, or 1.07 percent, to close at 1,024.30 dollars per ounce. Endit