Gold fell to below $800 an ounce for the first time since December 2007 while aluminium prices hit their lowest in some six months. Copper also fell.

The price of commodities has fallen on speculation that demand will slow amid a global slowdown.

Another factor has been the stronger dollar, which has reached a half-year high against the euro.

As economists see improved prospects for the US economy, the dollar becomes more attractive as an investment.

And as the dollar becomes more attractive, particularly in times of crisis, gold has lost its lustre, as have other precious metals.

And industrial metals have been hit even harder.

Three-month copper dropped to an intra-day low $7,185 per tonne.

The metal, which is largely used in the building sector, had fallen to its lowest in six months earlier in the week at $7,120.

“There is still cope for copper prices to fall another 10%, or so, part of that is function of China’s growth slowing,” said Daniel Brebner, of UBS.

Oil was also down, after oil producer group Opec forecast lower demand for the fuel.

Crude oil slipped $1.61 to below $114 a barrel while Brent oil slipped $1.69 $111.99 a barrel.

“Worries about an economic slowdown in the US and Europe, and even Japan, are weighing on the oil market,” said Victor Shum, an analyst with consultancy Purvin & Gertz.

News reported by The BBC