The flight back into the dollar by investors looking to protect their wealth has led to a 12 percent slump in the gold price over the past week.
Silver, which usually tracks gold because of the safe-haven appeal of both, has plummeted 27 percent over the past week.
While a retraction in bullion was expected given the pace of its rise since the release of weaker than expected second-quarter US gross domestic product data at the end of July, the depth of its plunge has surprised investors, since the level of uncertainty in global markets remains high.
