Gold prices retreated Thursday as central banks in Australia and England raised interest rates and crude oil prices slipped, prompting a decline in shares of metals miners.

George Gero, vice president of global futures with RBC Capital Markets and a metals trader, said the interest rate hikes abroad stoked concerns of yet another interest rate increase in the U.S. when the Federal Reserve meets Aug. 8. The Federal Reserve has increased short-term interest rates 17 consecutive times to 5.25 percent, the highest level since April 2001.

Higher interest rates typically support higher currency prices; gold, instead, tends to rise during a period of declining dollar value.

Oil prices also fell Thursday.

"Most funds operating in these markets tend to sell things in tandem," said Gero. "When they sell gold, they sell crude. Gold is a hedge against higher crude prices and geopolitical events."

December gold, the most active contract, fell $10.60 to $653.50 in afternoon trading on the New York Mercantile Exchange. A barrel of light, sweet crude oil was down 86 cents at $74.95 on the exchange.

Shares of Harmony Gold Mining Co. fell 33 cents, or 2.3 percent, to $14.17 on the New York Stock Exchange. Goldcorp shares shed 46 cents, or 1.5 percent, to $30.43, while shares of Newmont Mining Corp. dropped 48 cents to $52.31.