Self-directed investors continued to accumulate gold at the end of last year, but sentiment towards the yellow metal has eased since December’s 12-month high, according to the latest Gold Investor Index from online precious metals exchange BullionVault.

BullionVault’s index slipped to 54.9 in January, after a six month run which reached 58.3 at the end of 2012. A reading of 50.0 would signal a perfect balance of buyers and sellers. The index peaked in September 2011 at 71.7.

"Independent investors are giving only half-a-cheer to the flood of conflicting economic data. That's in sharp contrast with how the City and Wall Street have reacted. Savers' anxiety levels have eased. But the need for long-term crisis insurance remains clear and present," said Adrian Ash, BullionVault's head of research.

In the US and UK - home to almost two-thirds of BullionVault's 44,830 users - stock markets rose last month to five-year highs, enjoying their strongest January gains since 1997 and 1989 respectively. New data however showed both the US and UK economies shrinking in the last three months of 2012.

Last year, BullionVault's index rose for the fourth month running in November, reaching a six-month high of 56.5 from the previous month's level of 56.0.