The gold price fell by more than $25 yesterday as $500 million of futures contracts were sold causing the gold price to fall through key resistance levels. The gold price was also knocked on political tensions in the Ukraine easing and better-than-expected economic data out of the U.S. The positive economic figures pushed the dollar and equity markets higher as gold fell.

Sentiment in the gold market was also hit after the World Gold Council reported imports from Hong Kong into mainland China fell in the first quarter of 2014.

Assets in the world’s largest gold ETF, the SPDR gold trust, declined by 24 tonnes to 776.9 tonnes in May.