By Daniel Hunter

Gold prices fell to their lowest level in more than three weeks as Switzerland ruled out that its central bank would be the next big buyer of gold.

Voters rejected a referendum requiring the Swiss National Bank hold at least 20 percent of its 520-billion-franc ($540 billion) balance sheet in gold.

Had the vote gone the other way we would have seen purchases of at least 1,500 metric tons over five years, but instead gold prices fell sharply.

Since March, when the price peaked, gold has fallen 17%.

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