Gold has lost a fifth of its value since its record peak last year, as fears that Greece will exit the euro prompt investors to move into cash.

Futures contracts for the precious metal were on Wednesday trading 21pc down from their high last summer. That signalled gold for June delivery was into the territory seen as a “bear” market - when an asset plunges 20pc or more.

futures contracts：期货合约；期货契约

The spot price for gold was flirting with a bear market at close to $1,544 an ounce, a 19.5pc drop from its September intraday high over $1,921.The slide in the price has been driven by the escalation of the eurozone debt crisis, which is causing investors to liquidate their gold holdings.

While the metal is often seen as a safe haven in times of economic turmoil, at times of extreme market stress, people may start selling their gold to cover losses elsewhere. This phenomenon was blamed for two sharp gold sell-offs in the second half of last year.

in times of：在……的时候；在……的时期

sell-offs：出售（等于资产剥离）；证券跌价

Instead of gold, investors are turning to the dollar as they shun the eurozone and its shared currency. The US dollar index, which tracks the greenback’s strength against six rivals, climbed a 13th day to reach a four-month high.

“Gold is just another risk asset,” said Michael Aronstein, the president of New York-based Marketfield Asset Management. “It made you a lot of money if you took the risk eight or 10 years ago.

“A real safe haven would be a pile of high-denomination Swiss franc or dollar notes, stored in a safety deposit box,” he told Bloomberg.

a pile of：一堆；很多

Swiss franc：瑞士法郎

Others forecast that gold will climb once more, predicting that a further escalation in the eurozone debt crisis will send people flocking towards the metal again. In addition, if the US Federal Reserve resumes quantitative easing - its money-printing efforts - this would likely boost demand for gold, as people seek a refuge from inflation.

US Federal Reserve：美国联邦储备局 

“At some stage we will have a recovery, but it will be euro-led and that for the time being seems to be a long way away, given all the problems of the eurozone,” said David Govett at commodity broker Marex Spectron.

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