September 11 was an eerily inappropriate date for a decline in the global perception of geopolitical risk. But yesterday saw the sharpest fall in the world gold price in three months.

It fell more than 4 per cent, bringing it below $600 per ounce to reach $586, and 18 per cent below its high for the year, as investors assimilated the idea that political risks may not be not as high as they had seemed and that oil is not a one-way bet.