With the precious metal down some $100, what's driving the panic selling?
Gold has fallen more than 20% since the summer of 2011, as worries about domestic economic problems ease and fears of a government default dissipate.
With secrecy and illegal mining blurring the numbers, estimates of the world's stores range from a tennis-court-size pile to one as large as a skyscraper.
Prices of metals and oil dropped after the investment bank also downgraded estimates and outlook for the coming year.
Precious metals tumble as inflation fears ease and the US economy shows strength.
The yellow metal has surged as the government drives the yen lower against the dollar to boost the economy.
The biggest issue is cost control, analysts say.
A proposal to tax Cypriot bank accounts in order to secure a bailout has prompted outrage and may be short-lived.
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