HSBC Private Bank has reiterated its warning that investors could be caught out by putting too much faith in gold, amid economic uncertainty.

The precious metal has dropped back from recent highs of $1,000 an ounce to $910 in current trading. Fredrik Herbrand, head of global strategy at the private bank, said: "All that glitters is not gold. While the economic environment is gold-supportive, we believe that gold prices are more based on trends than fundamentals and may not sustain such high levels in the long term."