Oct. 4 (Bloomberg) — Gold declined for a third consecutive session in London as the euro traded near the lowest in a week against the dollar, eroding the metal’s appeal as an alternative investment.

The euro slumped on speculation the European Central Bank will hold its benchmark rate at 4 percent today, as government officials expressed concern over the currency’s gains. Some investors buy the metal as a hedge against declines in the U.S. currency. Bullion gained 14.5 percent in the third quarter, the biggest increase since 1990, as the dollar slid 5.4 percent against the euro.

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