Gold prices edged lower on Thursday as the U.S. dollar gained strength. A stronger dollar typically puts downward pressure on gold, as it makes the precious metal more expensive for holders of other currencies.

Spot gold fell 0.2% to $1,213.51 per ounce. U.S. gold futures also declined, trading at $1,222.70 per ounce.

The dollar index, which measures the greenback against a basket of six major currencies, rose 0.3%.

Market analysts suggest that investors are closely monitoring economic data releases and currency movements to gauge the potential direction of gold prices in the near term. Any further strengthening of the dollar could exert additional pressure on the precious metal.

Other precious metals also experienced slight declines. Silver fell 0.3% to $15.38 per ounce, while platinum dipped 0.1% to $829.24 per ounce.