The key to the fall is the improving US economy and the response of the Federal Reserve. Gold's troubles began when the Fed said it would ease off its bond purchase programme amid encouraging news on jobs and growth.

With less need to keep money tied up in gold, which pays no interest or dividend, the markets turned "risk-on": investors scrambled for new shares in Royal Mail and other flotations, and US shares are at all-time highs.

Georgette Boele at Dutch bank ABN Amro said: "The gold bubble has burst and ... more of gold's previous supportive drivers are about to push the precious metal much lower. As such we expect additional large sell-offs."

In India, traditionally the world's biggest consumer of gold, the government has imposed punishing duty on gold purchases which has led to mass recycling of some of the 20,000 tonnes of gold stashed in Indian homes.

Consumers in China have been buying gold as they become more affluent. But Boele predicts that despite this, it will fall to $1,000 an ounce next year and $800 in 2017.

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