The price of gold on the morning of the first day of August is slightly corrected after a noticeable rise in price last week, according to trading data.

The price of December futures for gold on the New York Comex exchange is down by $5.8, or 0.33%, to $1,776 per troy ounce. September silver futures are down 0.44% to $20.108 an ounce.

Over the past week, gold has risen in price by more than 3%, and this was the strongest weekly increase since the winter, when the precious metal rose by 4.2% in five days in late February - early March.