'Market nervousness' over gold value
Gold prices plunged more than 9% to a two-year low on Monday.
It's the biggest drop in the precious metal for 30 years.
Speaking to the Today programme, Catherine Raw, a managing director covering gold and mining at Blackrock, said a number of factors have sent "jitters into the market".
"I think Cyprus selling its reserves is one of the contributors to market nervousness this year," she said.
"The major fear is if it sets a precedent - so Italy with over 2000 tonnes, Spain, Portugal - these are large holders of gold. The talk of Cyprus selling begs the question of who's next."
"It's the emerging markets that have been buying the gold, not the Europeans."
First broadcast on the Today programme on Tuesday 16 April.