Mubasher: Gold prices on Thursday have declined to the lowest level in more than one week, as the dollar stood firm on higher US Treasury yields, The Economic Times reported.

This fall in gold prices was in line with investors focusing on the replacement of Janet Yellen as the next chair of the Federal Reserve. 

Spot gold edged down 0.2% at $1,277.86 an ounce, after hitting its lowest level since 9 October at $1,276.44.

The US gold futures for December delivery retreated 0.3% to $1,279.80 per ounce. 

"Depending on how the dollar goes, we might look at $1,250-60 as the next stop for gold to trade down," a fund manager at China's biggest gold exchange-traded fund HuaAn Gold, Richard Xu said, according to The Economic Times.