Due to what industry analysts say is a strengthening U.S. dollar, an expected rate hike from the Federal Reserve and an apparent Chinese stock market slump, the precious metal's prices temporarily fell to a longtime low of $1,051 an ounce. The commodity's price closed at $1,055.90 on the New York Mercantile Friday, CNN reports. The price indicates gold's decline in popularity since reaching its highest price of $1,890 in 2011.