Gold futures fell to an 11-week low Thursday as gains for the dollar cut demand for the metal as an alternative asset.

The greenback climbed to the highest since July 2013 against a basket of 10 major currencies and global equities also rose. Gold earlier advanced as much as 0.7 percent after the European Central Bank cut interest rates and said it will start buying assets. The metal surged 70 percent from December 2008 to June 2011 as global central banks printed money on an unprecedented scale, spurring inflation concerns.

“You’re getting diminishing returns from that extra cup of coffee” of monetary stimulus, Jorge Beristain, a Greenwich, Connecticut-based analyst at Deutsche Bank AG, said in a telephone interview. “Yes, today people are excited, but how many positive jolts can the world take from another central bank lowering interest rates before people get immune to that?”

Gold futures for December delivery dropped 0.3 percent to close at $1,266.50 an ounce at 1:48 p.m. on the Comex in New York. After the settlement, the price touched $1,261.30, the lowest for a most-active contract since June 17.

Silver futures for December delivery fell 0.3 percent to $19.138 an ounce on the Comex.

On the New York Mercantile Exchange, platinum futures for October delivery slid 0.3 percent to $1,408.30 an ounce, after touching a four-month low of $1,404 Wednesday. Palladium futures for December delivery rose 1.7 percent to $891 an ounce.