Bullion-backed exchange-traded funds have seen outflows of late following sharp inflows earlier in the year. Holdings of the world's largest gold-backed ETF, SPDR Gold Shares, fell 5.05 tonnes on Wednesday to their lowest in a month.
"The big shock for the gold market, and commodities markets in general, was the big move higher in the dollar yesterday," Danske Bank analyst Jens Pedersen said.
"Overall I see gold prices remaining fairly stable around current levels," he said. "What risks the gains in the gold market this year reversing is the Fed starting to push ahead with rate hikes, but I don't see them hiking before September."
Among other precious metals, silver futures were down 0.8 percent at $16.20 an ounce, after reaching its highest since late October the previous day. Platinum futures were down 1.1 percent at $992.10 an ounce, while palladium futures were up 3.17 percent at $559.70 an ounce.
— CNBC's Chris Hayes contributed to this report.