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The spot gold is about US$90 an ounce lower than this point yesterday, at $1,874/oz on the spot market.
Among the precious metals majors, Barrick Gold closed down 7.36% in Toronto and Fresnillo fell 15.34% in London.
In Australia, soon-to-merge gold producers Northern Star Resources (ASX: NST) and Saracen Mineral Holdings (ASX: SAR) were both down about 12% in midday trade.
Despite the slump in sentiment, junior Labrador Gold (TSXV: LAB) rose 6% as it reported visible gold in quartz at its Kingsway project in Canada's Labrador and Newfoundland.
President and CEO Roger Moss said the similarities to New Found Gold's nearby Keats zone were "striking" and gave credence to the district-scale potential of the gold mineralisation.
Market futures were mixed and political leadership in the US is in a state of flux, with president Donald Trump continuing to claim election fraud and saying he had "terminated" defence secretary Mark Esper, indicating interesting times ahead of his rival Joe Biden's expected inauguration on January 20.
