Gold for December delivery was down 0.99% to $1,256.10 per ounce on the COMEX due to an advancing U.S. dollar.
The metal is priced in the greenback and becomes more expensive to foreign buyers when the dollar is strong.
Additionally, strong initial jobs data released earlier today bolstered support for an interest rate hike by the Federal Reserve later this year.
Gold falters when interest rates are increased as investors flock to assets that provide yields.
The Labor Department said initial jobless claims fell by about 5,000 last week to around 249,000. Jobless claims are nearing a 43-year low, Reuters notes.
Analysts are looking for Friday's U.S. nonfarm jobs report to shed additional light on the central bank's upcoming financial policies.
"A surprise on the upside [of U.S. job numbers] will make market watchers expect an even higher probability of a rate hike and that could bring gold prices down," OCBC Bank said, Reuters reports.
Kinross Gold is a Toronto-based gold mining company.
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 rated this stock as a "hold" with a ratings score of C.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we find that the growth in the company's net income has been quite unimpressive.