The price of fell as much as 2.5 percent on Thursday, as the dollar surged after the Federal Reserve hiked interest rates for the first time in nearly a decade and hinted at more increases in 2016.
The central bank raised the range of its benchmark interest rate by a quarter of a percentage point on Wednesday.
Gold futures are edging closer to breaking below $1,000 an ounce at current levels. They settled down $27.20 an ounce at $1,049.60.
The last time the precious metal traded below $1,000 on an intraday basis was Oct. 2, 2009, when it hit a low of $987. The last time futures settled below $1,000 was on Sept. 29, 2009, at $993 an ounce.
Gold miners stocks are also getting pummeled. See a list of the losers below.
— CNBC's Gina Francolla and Reuters contributed to this report.