A majority of fund manages fear the price of gold is set to fall after hitting a record $1,814 per ounce last week, with more of them saying it is overvalued than at any time since May 2008, according to the monthly survey of fund managers published by Bank of America Merrill Lynch.

The August survey of 244 fund managers, managing $718bn of assets between them globally, was conducted between the 5 and 11 of this month.