Gold prices just moved rapidly lower, heading toward the biggest loss in more than a week.

Futures extended declines by about 0.7 percent in less than 15 minutes. Losses accelerated as the dollar pared a drop, reducing demand for the metal as an alternative asset. The December contract traded 0.9 percent lower at $1,138.80 an ounce at 8:24 a.m. on the Comex in New York. A close at that price would mark the biggest decline since Sept. 30.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE