NEW YORK (TheStreet) -- NovaGold Resources (NG) - Get Reportstock is falling by 2.10% to $5.14 in late afternoon trading on Wednesday, as gold prices sink and affect gold mining stocks. 

Gold for April delivery is down by 0.64% to $1,229.60 per ounce on the COMEX this afternoon.

Gold prices are decreasing despite comments by FederalReserve Chairwoman Janet Yellen, who said the Federal Open Market Committee should "proceed cautiously" on future interest rate hikes, the Wall Street Journal reports.

Industry experts expect that gold prices will rally again, according to the Journal. Gold struggles to compete with interest-bearing assets when interest rates are raised. 

"With the market now feeling that an April rate rise is pretty much off the table and starting to speculate that there may actually be none at all this year (a little premature in my view), gold should benefit," David Govett, head of precious metals at MarexSpectron, told the Journal

Based in Vancouver, NovaGold is a mining company focused on gold and copper. 

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