Gold futures for June delivery fell $28.20, or 1.8 percent, Wednesday to $1,548.40 per troy ounce on the Comex division of the New York Mercantile Exchange.
Silver futures for July delivery fell 66 cents, or 2.3 percent, to $27.52 per troy ounce.
Concerns about Greece's ability to remain in the eurozone pushed the euro below $1.26, the lowest level in nearly two years.
The dollar was higher against most other currencies, with the dollar index up 0.531 percent to 82.024 on the International Exchange.
The euro fell to $1.2594 from Tuesday's $1.2674. Against the yen, the dollar 79.50 from 79.96 yen.
The British pound was $1.5696 from $1.5766. The dollar was 1.0243 Canadian dollars from 1.0213 Canadian.