Mine closures and suspensions could also impact future prices.
The gold price fell to its lowest level in 15 months on October 6 according to Reuters, as improved US employment figures bolstered the dollar.
Platinum and silver were also impacted by the drop, with the precious metal prices often moving in sync. The gold price hit its weakest price since June 2013, hitting US$1,183.46 per ounce (£739), while platinum was reported to have hit its lowest price level since 2009, with palladium dropping to an 8-month low and the silver price at its weakest since 2010.
According to Reuters, the price has also been hit by the ongoing conflict between Russia and Ukraine and the rise of Islamic State in Iraq and Syria, while a week-long holiday in China has impacted physical demand for the yellow metal.
Platinum was dubbed "the biggest loser" among precious metals, slipping nearly 2% to $1,237.40 an ounce (£772) on Friday October 3.
Currently, silver, platinum and palladium are heading towards their fifth weekly price decline.
Online reports also hint that gold mine closures and suspensions may also impact the gold price, as the precious metal reaches a "tipping point". According to Reuters, several gold mines have suspended output in the past 18 months, but fewer than industry experts had forecast, as gold producers cut costs and edited plans to extract more profitable, higher-grade metals.
With the gold price hitting such a low level, it is understood that production cutbacks and mine closures would be troublesome for producers and investors, with gold mining stocks declining 67% since September 2011.
The dollar sat at a four-year high on Monday October 6, following the positive US non-farm payrolls report released by the US Labor Department on Friday, which revealed job rises of 248,000 in September, while the jobless rate fell to 5.9%, the lowest since July 2008.