Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the US dollar showed strength. Also Read - Humour to the Rescue: As Crude Oil Prices Crash, Hilarious Memes Take Over Twitter

The most active gold contract for February delivery fell $8.2, or 0.77 percent, to settle at $1,059.80 per ounce. Also Read - No Adverse Impact of Coronavirus on Indian Economy, Claims Mos Finance Anurag Thakur

Oil prices fell Wednesday as US crude stockpiles increased unexpectedly.[ALSO READ: Customs seizes gold worth Rs 1.34 crore at Mumbai airport]
The West Texas Intermediate for February delivery moved down $1.27 to settle at $36.6 a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased $1.33 to close at $36.46 a barrel on the London ICE Futures Exchange. Also Read - Saudi Drone Attack: 'We Know The Culprit, But Waiting to Hear From Kingdom', Says Trump Amid Surge in Oil Price