Gold may decline in New York as prices that declined for three consecutive weeks encouraged investors to hold off from making purchases.

Gold slumped 9.6 percent last week, extending its longest weekly losing streak since January, in part caused by investors selling the metal to cover losses in other markets. German Chancellor Angela Merkel signaled that Greece’s bailout may need to be renegotiated.

The panic displayed over the past few days has dissipated to a great extent, though there certainly hasn’t been a stampede back into gold. Instead, the market remains hesitant and gold continues to consolidate

Gold for December delivery fell $5.10, or 0.3 percent, to $1,647.40 an ounce by 7:57 a.m. on the Comex in New York. Prices dropped to $1,535 on Sept. 26, the lowest since July 8.