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NEW YORK (TheStreet) -- NovaGold Resources  (NG) stock is down by 0.75% to $5.26 in late afternoon trading on Wednesday, as gold prices slip.

Gold for June delivery is sinking by 0.58% to $1,222.50 per ounce on the COMEX this afternoon.

Gold is falling despite the release of the Federal Reserve's March meeting minutes, Reuters reports. The minutes said many meeting participants believed global risks "warranted caution in making adjustments to the stance of U.S. monetary policy." 

The precious metal struggles to compete with interest-bearing assets when rates are raised. 

"The balance of (the) committee appears committed to patience in raising rates, which implies very little chance of an April rate increase and could perhaps reduce market assessment of a potential rate increase at the June meeting," Rob Haworth, senior investment strategist for U.S. Bank Wealth Management, told Reuters. "This dovish bias is constructive for the gold market, especially with risks of further monetary easing in Europe and Japan."

Based in Vancouver, NovaGold operates gold and copper mines in North America. 

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