NEW YORK (TheStreet ) -- Gold prices drifted lower Thursday after Wednesday's 1.8% rally triggered mild profit taking.

Gold for February delivery closed down $10.50 at $1,739.80 an ounce at the Comex division of the New York Mercantile Exchange, but prices were climbing higher in after-hours trading rising almost $8. The gold price has traded as high as $1,758 and as low as $1,737.20 an ounce while the spot price was down $5, according to Kitco's gold index.

Silver prices lost 4 cents to settle at $32.75 an ounce but were also climbing higher in after-hours trading while the U.S. dollar index was down 0.11% at $78.30.

Gold prices digested Wednesday's fast and furious rally prompted by central bank action to make more dollars available at cheaper prices for longer periods of time. The news hammered the dollar and boosted gold.