On Wednesday, gold dropped to 4091.2, marking its lowest point since August 3, when gold bottomed out at 4074. The decline in gold prices was partly driven by a stronger dollar.

A stronger dollar makes dollar-denominated metals more expensive for overseas buyers. Since hitting a low of 3986 on July 20, gold had not fallen below the 4000 mark.

The gold miners ETF (GDX) fell 3.85%, on track for its worst single-day performance since September 28, when GDX plunged 5.36%.

Silver also declined to $59.23, its lowest level since August 4, when silver bottomed out at $58.18.