Gold price decline by 7% in two days and 25 percent below its historical peak of quotations under 1500 dollars.
The gold price is 25% below its historical peak, which is officially in a bear market.
The gold price continued its downward movement from the end of last week, falling by as much as 3.7 percent at the beginning of the week. Quotes fell to two-year low of less than 1,500 dollars an ounce.
Deutsche Bank lowered its forecast for the price of gold and silver.
This price is 25% below the record 1 920.80 dollars an ounce, reached in September 2011.
So after auctions today and Friday official gold meets the definition of a bear market.
Greater role for market sentiment play data of economic growth of China, which was below analysts' expectations for the first quarter. For the period of growth in the Chinese economy slowed to 7.7 per cent, which missed the forecasts 8 percent growth.
Other data from China related to industrial production of the Asian country, also was below expectations.
Along with gold, now experiencing pressure and silver, for hours price fell 6.1 percent to 24.73 dollars an ounce.