Gold prices fell on Thursday after a rally the support of buying to cover short positions in the previous session, influenced by fears of the start of the Federal Reserve ( the U.S. central bank ) will soon reduce monetary stimulus program due to strong economic data .
The prices of the precious metal has the highest rate in more than a month on Wednesday despite strong data regarding employment in the private sector and the growth of the services sector ahead of non-farm payrolls data on Friday .
The gains came backed cover short positions after the price of gold fell to its lowest level in five months for the third consecutive session .
The price of gold in the spot market 0.4 percent to 1237.94 dollars an ounce by 0659 GMT, time after increasing 1.6 percent in the previous session .
The price of silver fell 0.5 percent to 19.58 dollars an ounce .
The price of platinum fell 0.5 percent to 1361.25 dollars an ounce and palladium down 0.42 percent to 721.47 dollars per ounce
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