Gold fell 2.4 per cent from Wednesday to US$1,569.23 (S$2,004) per ounce on Friday evening. This is a 12.1 per cent slide from its high of US$1,748.23 per ounce in February this year.
The slide started after the US Federal Reserve extended a programme aimed at keeping long-term interest rates low. Operation Twist, which was supposed to end this month, will now continue till the end of the year.
That has undermined one of gold's traditional strengths - as a hedge against inflation. With long-term interest rates expected to stay low, investors see less need to buy bullion.
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