Gold fell on Thursday as the dollar rose, dulling the metal's attraction for non-U.S. investors as an alternative investment.

The dollar rose against the euro on Thursday after a government report showed stronger economic growth in the third quarter, concerns that European banks will tighten credit and Goldman Sachs' expectations that dollar's drop may be at an end.

Spot gold slipped $5.00 to $802.30 per ounce by 1:39 p.m. on the Comex division of the New York Mercantile Exchange.

Indexes tracking mining and metals shares declined on Thursday. The Philadelphia Gold and Silver index fell 1% at 172.16 points. The CBOE Gold Index dropped 0.8% at 177.44 points and the Amex Gold Bugs Index declined 1.5% at 418.65 points.

Investment Goldman sachs Gold