Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday to notch a third-straight decline, despite a market fraught with the type of political drama that would ordinarily have offered a boost to precious metals.

The most active gold contract for August delivery fell 8.1 dollars, or 0.63 percent, to settle at 1,271.4 dollars per ounce.

Friday's moves in metals come after the UK parliamentary elections late Thursday delivered a stunning result: a hung parliament, in which neither the Conservative nor Labor Party holds a parliamentary majority.

Analysts said there is no doubt that the UK election outcome has brought the uncertainty to its climax, but the fact remains that it is only a domestic issue, which traders are not so much concerned about.

Strength in the U.S. dollar weighed on the precious metal as the U.S. Dollar Index went up 0.4 percent to 97.57 as of 1930 GMT.

The index is a measure of the dollar against a basket of other major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall.

The Fed's two-day meeting will wrap up on June 14, where a dollar-supportive rate increase is expected. Wall Street is pricing in a 99.6 percent chance of a lift to benchmark rates in June, according to MarketWatch.

As for other precious metals, silver for July delivery went down 19.1 cents, or 1.1 percent, to close at 17.223 dollars per ounce. Platinum for July delivery rose 2.2 dollars, or 0.23 percent, to settle at 940.3 dollars per ounce.