The price of gold is declining slightly Wednesday evening on the persistence of a strong dollar, trading data showed.

The price of August gold futures on the New York Comex exchange fell by $4.95, or 0.29%, to $1,705.75 a troy ounce. Meanwhile, September silver futures went up 0.34% to $18,777 per ounce.

The rally of the American currency continues to be one of the key factors, influencing the price dynamics for the primary markets, in particular for metals. Gold has been falling in price for the fourth month in a row as the more expensive dollar makes the metal less profitable for holders of other currencies.

Over the past few trading sessions, there has been a corrective decline in the dollar. However, currency analysts at ING, quoted by Market Watch, believe that this does not indicate a sustained weakening of the currency, which will be very slow.