The dip in the price of the precious metal is a result of the Bank of England (BoE) holding interest rates steady, Reuters reports.
The BoE announced that it will not deliver stimulus to the economy until it had a clear picture of how Brexit had affected the economy, Reuters said. The bank expects the boost to come in 3 weeks.
"Britain has got a new prime minister, which, alongside expectations of more stimulus from the Bank of England, has brought a sense of relief to markets, so gold is easing and everything else is rising on that," Citi strategist David Wilson told Reuters.
Gold for August delivery is down by 0.86% to $1332.10 per ounce on the COMEX this afternoon.
Eldorado Gold is a Vancouver, BC gold mining company operating in several countries, including Brazil, China and Greece.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate ELDORADO GOLD CORP as a Sell with a ratings score of D+. 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 disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: EGO