Gold price fell as the U.S. dollar strengthened and European stock indices rose. The uncertainty over the interest rate hike by the Fed this year also weighed on gold price.

Market participants are awaiting the European Central Bank's (ECB) monetary meeting tomorrow. A speech by the ECB President Mario Draghi will be closely monitored for signals of further quantitative easing. The inflation in the Eurozone remains at low levels, and several ECB officials expressed concerns over the low inflation.

December futures for gold on the COMEX today declined to 1165.40 dollars per ounce.