NEW YORK (TheStreet) -- Shares of NovaGold Resources (NG) - Get Report were down 5.45% to $2.95 in late morning trading on Monday as gold prices declined.
Gold prices, which hit a four-year low of $1,130.40 in November, stayed below $1,200 an ounce on Monday, as the precious metal price fell 1.12% to $1,182.80 at 11:44 a.m.
A strong dollar has kept gold prices down for the last several weeks. The precious metal was down approximately 15% on Monday from its 2014 high of $1,392.60, which it hit on March 17.
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"The overall environment is very negative for gold," Phil Streible, a senior commodity broker at R.J. O'Brien & Associates in Chicago, told Bloomberg. "The market will remain volatile as trading will be very thin for the next two weeks."
More than 3.1 million shares had changed hands as of 11:48 a.m., compared to the average daily volume of 2,178,010.
