Gold drops after three-day increase

The price of gold declined slightly on Wednesday morning after rising during the previous three trading days.

Report informs, citing the auction data, that the price of February futures for gold on the New York Comex exchange fell by $4.15, or 0.23%, to $1,818.9 per troy ounce. March silver futures fell 0.01% to $24.215 an ounce.

During these three days, the price of the precious metal increased by more than 1.5%. This, among other things, was facilitated by some weakening of the dollar after the news about the lifting of part of the coronavirus restrictions in China.

The weaker dollar has a positive effect on the cost of gold, which in this case becomes more affordable for buying in another currency.