The price of gold has dropped almost 6% at the end of the London trading session, a fall of more than $100.
Gold stood at $1,770 an ounce, down from Tuesday's price of $1,876 an ounce. The perceived haven investment had topped $1,900 an ounce during Tuesday's trading, before starting to drop back.
Analysts put the falls down to profit-taking and hope that new measures will be announced in the US this week to try to bolster its sluggish recovery.
Some predict that Federal Reserve chief Ben Bernanke will signal a new round of quantitative easing to try to kick start the US economy when he speaks at a gathering of central bankers on Friday.
Gold has risen in price during the recent volatility on the stock markets as it is perceived as a safe investment in uncertain times.
European stock markets also rose, with London's FTSE ending 1.5% higher, the Cac 40 in Paris up 1.8% and Frankfurt's Dax closing up 2.7%.
Some also cited stronger-than-expected US durable goods data, a leading economic indicator, which showed that companies ordered more big ticket items such as cars and planes in July.
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