Just after midday Sydney time on Friday, the price of gold had fallen by a further $15.40, or 1.41%, to $1,078.70.
It's now trading at the lowest level seen since February 2010.
The US dollar index, which often has an inverse relationship to movements in the gold price, is up 0.16% at 97.269.
The decline in the gold price is adding to pressure on Australian-listed gold miners. Northern Star was down 6.85% to $2.04, Newcrest 6.42% to $11.08, Ocean Gold 7.19% to $2.58, and Evolution 8.33% to $0.99.
The decline Friday is a continuation of weakness seen earlier in the week. On Monday the precious metal posted its deepest one-day loss in nearly two years, pushing prices through key chart levels and setting it up for further weakness according to a report from Reuters.
Citibank analyst David Wilson thinks the metal will most likely remain under pressure in the lead-up to the Federal Reserve's September policy meeting.
"The markets are all focusing on a September rate hike, so assuming that is when it occurs, you have to think that gold is going to remain under downward pressure up until that point," Wilson said.
Technical analysts, who study past price patterns to estimate the future direction of trading, say the next downside target for gold is $1,044, its 2010 low.