Gold continues to decline for third consecutive week

The price of gold opened trading for the new month with a slight drop, and if the trend continues, the precious metal will have declined for the third consecutive week.

Report informs, citing the trading data, that the price of the December gold futures contract on the New York Comex exchange fell by $4.95 compared to the previous close, or 0.15%, to $3,343.65 per troy ounce.

September silver futures declined by 0.12% to $36.667 per ounce.

Since the beginning of the week, gold prices have already decreased by nearly 1.4%. The price of the precious metal rose only on Tuesday during the week, showing declines on all other days. Overall, gold may fall by more than 2% over the three-week period.