The gold price has fallen to its lowest in more than five years as talk of a US interest rate rise this year has led investors to sell the precious metal.
The price fell 4% to as low as $1,088.05 (£697) an ounce in Asian trade – the lowest since March 2010.
Investors turned to the US dollar, which rose on the likelihood of the Federal Reserve raising rates because of a stronger US economy.
Investors generally buy gold during times of uncertainty.
Monday was the first time the metal has traded below the key threshold level of $1,100 since 26 March 2010.
The price of platinum also fell 5% to its weakest since the global financial crisis.