Gold futures on the COMEX division of the New York Mercantile Exchange rose sharply on Wednesday as the U.S. dollar further weakened.

The most active gold contract for December delivery went up 10.50 dollars, or 0.82 percent, to close at 1,292.20 dollars per ounce.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.56 percent to 93.45 as of 1817 GMT.

Meanwhile, the Dow Jones Industrial Average dropped 66.79 points, or 0.28 percent to 23,524.04 points as of 1828 GMT.

When the U.S. dollar weakens and equities post losses, the prices of gold usually go up, as a softening dollar makes gold more attractive to foreign investors using other currencies while declining stocks pushing investors to precious metal markets.

On Wednesday, silver for December delivery rose 15.2 cents, or 0.90 percent, to close at 17.112 dollars per ounce. Platinum for next January went up 2.7 dollars, or 0.29 percent, to settle at 940.70 dollars per ounce.