The gold price in morning trade was around $US505 per ounce, around $US40 less than the peak it reached earlier this week.

According to Bloomberg, the Tokyo Commodity Exchange – which is the world’s second-largest metals and energy futures market – boosted minimum deposits for existing trades by 25,000 yen ($US207). New business would cost 50,000 more yen, with the trading requirement being 75,000 yen.

However while speculators have headed for the exit, the downturn is tipped by some as being temporary as other investors see the price slide as a buying opportunity.