New data suggests that investor appetite for gold has faded because of the decision by the Federal Reserve to halt its QE - or money printing - programme.

Dollar gold prices have plummeted to a four-year low following the US Federal Reserve's decision to halt its quantitative easing programme, according to new data from BullionVault.

Last month, BullionVault's Gold Investor Index reversed most of September's seven-month high, retreating from 53.4 to 51.9, and breaking to below $1,180 per ounce – the “crash low” seen twice in 2013, the firm said.

The Gold Investor Index measures the balance of people adding to their gold holdings on BullionVault – the online gold and silver exchange – over those choosing to reduce their position during the month.

BullionVault's index hit a series peak at 71.7 in September 2001, the firm said. In June 2014 it fell to 51.2, the lowest level since February 2010. A reading of 50.0 would indicate a perfect balance of net buyers and sellers across the month.

“The Fed has finally halted QE, and the US stock market is setting new all-time highs,” said Adrian Ash, head of research. “Gold and the stock market have now been going in different directions for more than two years, the longest stretch since gold began its decade-long bull market during the Tech Stock Crash of 2000-2003.”

While gold offers financial insurance to private portfolios, “getting that cover in place is plainly not seen as urgent,” Ash added.

Client holdings of gold were unchanged in October at 33.2 tonnes, while client silver holdings grew to a new record of 488 tons, as prices fell 5.3 per cent.