Bullion under bearish pressure, Fed by rate hike prospects

Gold futures were seen moderately lower on Thursday, dwelling under bearish pressure for the fourth consecutive day as investors assessed the rate hike remarks by the Federal Reserve's Janet Yellen.

Meanwhile, the bullion faced further pressure from the stronger greenback as the US dollar index gained 0.32% to 97.60 points.

Yesterday's comments from Fed Chair Yellen, citing the likelihood of a 2015 rate rise, helped prop up the dollar and led to a slide in gold which retraced to its year-to-date lows.

Gold is stacked in a range between the area of support at $1,142 per troy ounce and resistance of $1,165 per troy ounce.