Gold futures fell $23.20 an ounce to $1,144.40, its lowest point since mid-2010, according to CNBC. Spot gold dropped 2% to $1,137.10, its lowest price since April 2010.
Gold prices have declined approximately $100 in the past week. Gold prices had their first consecutive monthly decline of 2014 at the end of last week when they slumped to $1,160.50 an ounce, the lowest price since July 2010, according to Bloomberg.
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Technical analysts said the price of the precious metal could plunge to $1,000, CNBC reported.
Strength in the dollar and surging share prices helped drive down gold prices.
Separately, TheStreet Ratings team rates YAMANA GOLD INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate YAMANA GOLD INC (AUY) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, disappointing return on equity and weak operating cash flow."