The price of gold fell below $4,000 a troy ounce on Tuesday as it headed for its worst quarterly performance in more than a decade, amid expectations of higher interest rates and dwindling enthusiasm among retail investors.
The price of bullion dipped just below $3,943, its lowest level since November, in early trading before recovering slightly, leaving it down nearly 14 per cent over the past three months.
Having rocketed to a record high of nearly $5,595 in January, driven by frenzied speculation among retail traders, gold has been hit hard as the hawkish stance of new US Federal Reserve chair Kevin Warsh boosts expectations of interest rate rises this year.
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