Spot gold reached a two-week low of $1,185.35 an ounce earlier today, and was last down 1.58% to $1,187.73 an ounce as of 3:17 p.m. ET today.
U.S. gold futures for June delivery was similarly down 1.35% to $1,187.80 an ounce as of 3:07 pm. ET.
The dollar is strengthening after the release of strong U.S. data along with recent comments from Federal Reserve Chair Janet Yellen suggesting interest rates will be raised this year, according to Reuters.
A stronger dollar makes gold more expensive for holders of other currencies, Reuters noted.
Data showed that U.S. business investment spending plans rose for a second straight month in April, Reuters added.
About 3.97 million shares of New Gold exchanged hands as of 3:16 p.m. ET today, compared to its average trading volume of about 3.1 million shares a day.
Canada-based New Gold is an integrated mining company engaged in acquisition, exploration, extraction, processing and reclamation with operating assets in the U.S., Mexico, and Australia.
Separately, TheStreet Ratings team rates NEW GOLD INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate NEW GOLD INC (NGD) a SELL. This is driven by a few notable 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 feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and weak operating cash flow."