Absolute shockingly, falling for the fourth straight session, gold prices on Wednesday declined to its lowest level in 20-month by losing Rs. 90 on sustained selling by stockist against restricted buying.

In fact, after dropping Rs. 3,160 in last three sessions, gold declined further by Rs. 90 to Rs. 26,350 per ten grams, its lowest level since August 17, 2011. Silver followed suit and surrendered Rs. 425 to Rs. 45,700 per kg on reduced off take by industrial units and coin makers.

Moreover, it had recorded a fall of Rs. 6,475 in previous three sessions.

Both the precious metals remained in bear grip this week following a steep decline in prices in international markets on speculations of selling by struggling Cyprus central bank. This was not enough when the dollar-denominated precious metals also fell on strengthening rupee against the US currency and government slashing tariff value of gold and silver, taking into account weak global trend.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined further by Rs. 90 each to Rs. 26,350 and Rs. 26,150 per ten grams.

Nevertheless, sovereign found some low level buying and recovered by Rs. 200 to Rs. 24,000 per piece of eight gram. In line with a general weak trend, silver ready declined further by Rs. 425 to Rs. 45,700 per kg and weekly-based delivery by Rs. 690 to Rs. 43,460 per kg.

As a concluding fact, at the same time, silver coins maintained constant trend at Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.

It's something absolutely unique which is happening and at the same time resulting as a sign of relief for middle-class gold and silver buyers.

(AW:Samrat Biswas)