Gold for December delivery was falling 1.37% to $1,327.60 per ounce on the COMEX.
The slide comes ahead of the Federal Reserve's annual Economic Policy Symposium in Jackson Hole, WY this weekend where analysts expect policymakers to discuss potential interest-rate hikes, MarketWatch reports.
Fed Chairwoman Janet Yellen will speak at the summit Friday, and her speech will likely impact prices in precious metals if her comments indicate a push for or against higher interest rates.
A stronger dollar today is also making commodities like gold less attractive to foreign investors as it becomes more expensive to purchase.
Additionally, Eldorado Gold announced earlier this week that it would be expanding with new exploration projects in Romania, Serbia and Brazil.
Eldorado VP of Exploration Peter Lewis said the Vancouver-based mining company plans to "drill aggressively" at these locations for the remainder of 2016, according to a statement.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D+.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: EGO