Gold prices fell to a four-year low after stronger-than-expected U.S. employment data intensified investors’ concerns about how soon the Federal Reserve would raise interest rates.

The price of the precious metal has been sliding for months, as investors keep a close eye on the Fed. Higher interest rates would likely damp demand for gold, which doesn’t pay any interest. While the central bank isn’t expected to make its move until next year, investors trying to get ahead of the Fed could push gold to end 2014 lower for a second...