Gold has traded near to its lowest level in almost three years and is on track for its worst quarterly performance since at least 1968.
London early trading saw gold sit at $1,206 but by 1.45pm it dropped to $1191.99.
The hit to the precious metal comes amid continued worries that the United States will wind down its stimulus, puncturing confidence in the metal as an inflation hedge.
The price had earlier dropped to $1,180.50 in Asian trading - which was the lowest level since August 3, 2010.
Other key commodities have been hammered over the past three months by concerns that the era of cheap US central bank money is coming to an end.
Oil has also been heading for its weakest quarter in a year but in early afternoon trading Brent Crude was 0.21% up.
Copper, which is essential for both electronic gadgets and construction wiring, looks at its deepest quarterly loss in nearly two years.
The fears have hit gold prices the hardest as funds ditched the metal and physical buyers sat out the rout as bets grew prices could decline further.
"From July onwards, commodity prices should remain softer for two key reasons," Vishnu Varathan, market economist at Mizuho Corporate Bank, said.
"One is while timing may be variable, the impetus is for the US to reduce stimulus not increase it."
"There are bright spots in the US economy which is a reason for reducing stimulus.
"I don't think global growth factors have broadened enough for us to see the kind of synchronised upturn in growth with China, eurozone and the rest following in a very convincing way."
The price of bullion has fallen by as much as 15% since last week after Federal Reserve chairman Ben Bernanke signalled the central bank may reduce its $85bn (£50bn) monthly bond purchases later this year.
He added that the programme may be ended altogether by mid-2014, if the economy improves as expected.
For the quarter, gold is down by nearly 25%, its sharpest quarterly drop on record, based on Reuters data that dates back to 1968.
That puts it on course for its first annual fall after a 12-year rally.
Meanwhile copper is heading for its steepest quarterly drop since July-September 2011, which has come under pressure by concerns over slower growth in top consumer China.
Three-month copper on the London Metal Exchange was steady at $6,730 a tonne, but was down almost 11% for the quarter, its third quarterly loss in a row.
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