Gold price fell on yesterday's comments by the Fed Chairwoman Janet Yellen. She said in a speech at the University of Massachusetts on Thursday that she expects that the Fed will start raising its interest rates by the end of the year, followed by a gradual pace of interest rate hikes.

"Most of my colleagues and I anticipate that it will likely be appropriate to raise the target range for the federal funds rate sometime later this year," she said.

Yellen noted that the inflation will rise toward the Fed's 2% target as low oil prices are temporary.

The Fed chairwoman also said that the slowdown in the global economy is not significant not to raise interest rates this year.

The U.S. GDP data also weighed on gold price. The U.S. Commerce Department released gross domestic product (GDP) figures on Wednesday. The U.S. final GDP soared 3.9% in the second quarter, up from the revised estimate of a 3.7% growth, after a 0.2% decline in the first quarter.

The upward revision was partly driven by an upward revision to consumer spending and business investment.

October futures for gold on the COMEX today decline to 1143.90 dollars per ounce.