NEW YORK (TheStreet) -- NovaGold Resources  (NG) - Get Reportstock closed down by 4.72% to $4.04 on Monday afternoon, as gold prices slipped today.

Gold prices are declining on a stronger dollar, which makes the precious metal more expensive to foreign investors, the Wall Street Journal reports.

Last week and on Monday morning, gold prices edged up after concerns over Chinese economic growth led to safe-haven investing in the precious metal.

"Some of the demand we saw last week and below ($1,100) is petering out up at these levels," David Govett, head of precious metals at MarexSpectron, said in a note, according to the Journal. "The global situation is much the same as it was last week and in the absence of any fresh stimuli, it may be hard to move higher today."

Gold for February delivery is down by 0.33% to $1,094.30 per ounce on the COMEX this afternoon.

Based in Vancouver, NovaGold is engaged in the exploration and development of mineral properties.

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