Gold for February delivery is down by 1.21% to $1,180.80 per ounce on the COMEX this afternoon.
The precious metal fell as the dollar strengthened, the Wall Street Journal reports. The Journal's Dollar Index recently showed the currency was up 0.27%.
Exclusive Report: Jim Cramer's Best Stocks For 2015
Gold futures have slumped for the fourth time in five sessions as investor demand for a store of value dwindles, Bloomberg reports.
Gold is moving toward a second straight annual loss for the first time since 1998, Bloomberg added. Data released by the government last week showed that the U.S. economy has grown at the fastest pace in 10 years, and jobless claims were their lowest since early November.
Last week's U.S. data fueled speculation that the expansion is strong enough for the Federal Reserve to begin increasing interest rates, Bloomberg noted.
"There's not much to give gold a boost, and there's not a lot of liquidity here today. Gold prices are going to get a lot lower in 2015, especially once the first rate increase occurs," a senior market strategist at RJO Futures told Bloomberg.