Gold futures finished lower on Thursday as the European Central Bank slashed its forecast for eurozone growth and extended a pledge to hold off on interest-rate hikes until at least late this year, pressuring the euro and providing a boost to the U.S. dollar.

The euro EURUSD, +0.0179% fell to four-month lows after the ECB said its ultralow interest rates wouldn’t rise at least until late 2019. Weakness in the currency led to a stronger U.S. dollar, which often weighs on dollar-denominated prices of gold. The dollar, as measured by the ICE U.S. Dollar Index DXY, +0.76% was up 0.6% at 97.414 as gold futures settled.

The precious metal tracked the euro lower and “gold bulls will look to see if we finally see support hold if we test $1,270,” said Edward Moya, senior market analyst at Oanda.

April gold GCJ9, -0.12% fell by $1.50, or 0.1%, to settle at $1,286.10 an ounce after touching an intraday low of $1,280.80. Prices rose 0.2% a day earlier. On Tuesday, bullion marked its lowest settlement since Jan. 24, based on the most-active contract, according to FactSet data.

May silver SIK9, -0.36% lost 4.5 cents, or 0.3%, to $15.04 an ounce.