Gold price falls to two-year low of $1,416 an ounce
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Gold has fallen 8.5% to $1,416 an ounce, its lowest level in two years, as fears of high inflation recede.
Gold is traditionally bought by investors to protect against inflation, which erodes the value of cash investments.
But investors are now expecting central banks around the world to tighten monetary policy in an effort to curb price rises.
Last week, Cyprus undermined confidence when it said it was selling off gold.
The price of gold has had a remarkable run in recent years, hitting a record high of $1,800.
The US central bank, the Federal Reserve, is expected to stop its quantitative easing (QE) programme this year.
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