The yellow metal was trading near steady and then sold off to hit the session low right after the release of the U.S. weekly jobless claims report that showed a decline in claims in the latest week.

FORBES: A.M. Kitco Metals Roundup: Gold Weaker Thursday Morning on More Technically Related Selling

Another sign Goldman was waving a yellow flag at its trading desks: value-at-risk was also down from the second quarter.

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However, at mid-morning U.S. trading the yellow metal slumped further when the U.S. dollar index moved above unchanged and to its daily high.

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The yellow metal had been trading in tandem with the broader commodity complex this year, as a comparison between the SPDR Gold Shares ETF (GLD) and the PowerShares DB Commodity Index shows.

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About two months after the offering, the Tianjin city government suspended trading in "Roaring Yellow River" and another painting, and the exchange imposed limits on daily and monthly price changes.

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The yellow metal traded near steady in early trading and then advanced when the U.S. dollar index came under selling pressure following some fresh, weak U.S. economic data.

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Comex gold futures prices are trading slightly lower Thursday morning as the yellow metal and the entire market place try to stabilize amid the ongoing European Union sovereign debt and financial crisis.

FORBES: Comex Gold Slightly Lower as Markets Try to Stabilize