Investors are increasingly being turned off gold, which could lead to the commodity falling in value in the coming months.
According to Nomura analyst Matthew Kates, the investment environment for the commodity is "deteriorating" for the first time in five years.
He told Citywire that he expects a dip in the value of the precious metal in the near future, "if disinvestment does not reverse quickly".
Mr Kates added: "Our analysis suggests that circa $60 billion (£39.66 billion) in net investment demand will be required in 2013 to provide stable gold prices."
Investors would normally move towards gold in times of economic crisis, but there has been no boost for the commodity in recent days despite speculation over a potential controversial bailout for Cyprus.
Chen Min, an analyst at Jinrui Futures in the southern Chinese city of Shenzhen, recently told Reuters he believes gold prices are soon set for a fall.
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