For December delivery, gold was recently declining 0.43% to $1,262.20 per ounce on the COMEX.
Gold prices were being pressured by a higher dollar this afternoon. The precious metal is more expensive to foreign investors when the greenback is stronger.
Additionally, strong U.S. economic data boosted expectations for the Federal Reserve to increase interest rates soon, the Wall Street Journal reports.
Gold is non-interest paying and can struggle to compete with assets that offer a yield when interest rates are raised.
The latest manufacturing data highlighted that incoming new orders picked up at the fastest pace for 12 months, according to IHS Markit. Manufacturing production has now increased for five months, after a slight decline in May.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share and increase in net income.
But the team also finds weaknesses including generally higher debt management risk and disappointing return on equity.
Recently, 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.
You can view the full analysis from the report here: ABX