Gold prices were falling Thursday as the dollar appreciated against the euro.

Benchmark gold futures were recently down $31 at $914.10 an ounce in recent action on the Comex division of the New York Mercantile Exchange. The move comes on the back of a nearly $60 loss Wednesday and is being driven in part by hedge funds liquidating their holdings in reaction to the poor performance of other asset classes.

Some observers say the downdraft in bullion prices might continue, at least for a little while longer.

"We remain bullish on a medium-term basis given our concerns regarding the US economy and financial markets, but the near-term technical picture has become darker," states a recent research report from Toronto-based bullion bank ScotiaMocatta. Or more simply, the pictures depicted by price moves on a chart seem to indicate further losses are likely in the immediate future.

In the mining patch, the crashing gold price was punishing the stocks: Goldcorp ( GG) was off 3.1% while Gold Fields ( GFI) was losing 4%.

Gold Star Resoures ( GSS - Get Report) was faring better than most, down only 1.15%, while Yamana Gold ( AUY - Get Report) was lower by 4.6%, in recent market action.

In currencies, one euro was buying $1.5402 vs. $1.5611 a day earlier. One dollar was buying 99.52 yen up from 99.42 yen previously.

In other currencies, the greenback was gaining against the Swiss Franc, buying $1.0151 vs. $1.0005 Wednesday. The British pound was declining in value against the dollar, with one pound fetching $1.982 vs. $1.9846

The currency exchange-traded funds were moving in line with action in the foreign-exchange market. CurrencyShares Euro Trust ( FXE - Get Report) was off 1%, while the CurrencyShares Japanese Yen Trust ( FXY - Get Report) was down less then 0.1%.

CurrencyShares British Pound Sterling ( FXB - Get Report) was down about 0.1%.