Gold futures on the COMEX division of the New York Mercantile Exchange settled higher on Thursday as equities posted sharp losses.

The most active gold contract for December delivery went up 2.7 U.S. dollars, or 0.22 percent, to close at 1,230.10 dollars per ounce.

Gold was given support as the Dow Jones Industrial Average fell by 381.39 points, or 1.48 percent as of 1732 GMT. The S&P 500 and Nasdaq followed Dow's sharp decline.

When equities fall, the precious metal usually goes up, as investors are looking for a safe haven, such as gold.

Geopolitical factors, including tensions surrounding the disappearance of a Saudi journalist, trade disputes between major economic powers, and the ongoing Brexit negotiations, also gave additional support to the precious metal, said market analysts.

However, the rise of gold was curbed by a stronger U.S. dollar. The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, rose 0.24 percent as of 1721 GMT to 95.89, a two-month high.

As for other precious metals, silver for December delivery went down 5.9 cents, or 0.4 percent, to close at 14.604 dollars per ounce. Platinum for January 2019 delivery was down 8.9 dollars, or 1.06 percent, to settle at 831.70 dollars per ounce.