NEW YORK—Gold prices dropped Tuesday for the eighth straight session, as speculative funds kept liquidating their holdings due to the stronger dollar.

Energy prices also moved lower, while grains finished mixed.

Gold—regarded earlier this year as a hedge against a weakening U.S. dollar—is now down 21 percent since its March record of $1,033.90 an ounce.

On Tuesday, gold for December delivery lost $13.70 to settle at $814.60 an ounce on the Nymex, after dipping as low as $808.60.

Other metals also declined, as the dollar held steady against the eu...

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