Gold has its biggest fall in 30 years

Global gold prices have plunged more than nine percent in a single day, its biggest one-day decline since 1983.

On Monday, the price of gold dropped $140.30 to $1,361.10 an ounce, The Associated Press reported.

The precious metal has plunged $200 an ounce, or about 13 percent, during the last two trading days, its lowest level in over two years.

Last week, Goldman Sachs, an American multinational investment banking firm, in a research report predicted that gold prices would fall.

Gold had more than doubled since the start of the 2008 global economic crisis and it price rose 30 percent in 2010 and 25 percent in 2009. In August 2011, gold price jumped its all-time high of $1913.