Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday following continuous decline in the past three sessions.

The most active gold contract for June delivery went up 7.10 dollars, or 0.54 percent, to settle at 1312.70 dollars per ounce.

The U.S. dollar index, a gauge of the dollar against a basket of other major currencies, retreated by 0.23 percent to 92.49 as of 1628 GMT.

Gold and the dollar typically move in opposite directions. When the dollar goes down, it will boost the demand for dollar-priced gold to investors using other currencies.

The U.S. dollar has weakened after the U.S. Federal Reserve announced on Wednesday to keep key interest rates unchanged.

"The (Federal Open Market) Committee decided to maintain the target range for the federal funds rate at 1.5 to 1.75 percent," said the Fed in a statement following a two-day policy meeting.

The precious metal was given additional support as the Dow Jones Industrial Average fell by 171.62 points, or 0.72 percent, to 23,753.36 as of 1639 GMT.

When equities post losses, the precious metal usually goes up, as investors are looking for a safe haven.

As for other precious metals, silver for July delivery went up 7.2 cents, or 0.44 percent, to settle at 16.447 dollars per ounce. Platinum for July rose 10.2 dollars, or 1.14 percent, to close at 904 dollars per ounce.