Gold slides below $1,400

GOLD fell below $1,400 an ounce yesterday as investors desert bullion in the face of record-high stock markets and growing economic confidence.

The price of the metal closed down two per cent at $1,396.20, as US data suggested consumer prices are set to stay relatively flat undermining its safe-haven appeal.

In October gold hit a peak of $1,794 an ounce before entering a period of decline. It eventually crashed in April.