The Financial Post reports in its Wednesday, Nov. 5, edition that crumbling Asian demand for gold has knocked the price for the yellow metal to a more than four-year low. The Post's John Shmuel writes that prices on the Shanghai Gold Exchange, which usually trade at a premium to gold prices in the West, are trading at a $1 to $2 discount this week (all figures U.S.). Gold futures on the Comex for December delivery fell 0.2 per cent Tuesday, to close at $1,167.20 an ounce, marking the fifth straight trading decline and the lowest settlement price since July 28, 2010. In the past, when the gap between East and West prices closed, Asian buyers would swoop in and buy the discount. Analysts note this is not happening yet, even as a peak buying season has taken hold in China. ANZ analyst Victor Thianpiriya says: "We've not seen any significant physical demand on the back of this [price drop]. ... That's a worrying sign for prices as Chinese buying was really the only thing supporting the market on sell-offs last year." The loss of demand from both India and China for jewelery gold has hurt gold prices throughout the year, as both previously helped offset the declining interest in gold from Western investors.