The price of gold surged after the 2008 financial crisis but has been in steady decline recently.

NEW YORK — The price of gold, which is often seen as a hedge against inflation and a weak dollar, slumped to its lowest in five years on Monday.

The dollar has rallied in recent months, diminishing the allure of holding gold. The U.S. economy has been on firmer footing, and tumult in China’s markets and Greece’s debt crisis have failed to restore gold’s appeal as a safe haven.

The price of gold had surged in the years immediately after the 2008 financial crisis, topping out at nearly $1,900 an ounce in August 2011.

On Monday the price sank another $25 to $1,106 an ounce. That’s about 40 percent below its recent peak and the lowest price since March 2010.