Comex gold futures for December delivery dropped $8.60 to trade at $1,369 per troy ounce. Earlier in the day, the yellow metal contracts sunk as low as 1,362.70 per troy ounce.
Silver futures for delivery in three months slid 13.5 cents to $24.30 per troy ounce.
"Over the medium term, there is still no evidence of an imminent end to the decade-long bull market for precious metal," Tiberius Asset Management said in an investment note.
On the IntercontinentalExchange, West Texas intermediate light, sweet crude oil futures for November delivery lost 1.49 percent to trade at $81.49 per barrel; the more internationally-focused Brent crude oil futures slid 1.91 percent to $82.62 per barrel.
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