Gold falls to two-week low on weak demand; Sliver gains

Jul 03 2014, 21:28 IST
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Gold dropped further.(Reuters) Gold dropped further.(Reuters)
SummaryGold dropped further and hit a two- week low, Silver, on the other hand, regained some lost ground on renewed industrial demand.

Gold dropped further and hit a two- week low, closing below the key Rs 28,000 per 10 grams mark on the bullion market here today due to reduced off-take from jewellery traders and investor selling.

Silver, on the other hand, regained some lost ground on renewed industrial demand.

Standard gold (99.5 purity) dropped by Rs 120 to conclude at Rs 27,955 per 10 grams from Wednesday's closing level of Rs 28,075.

Pure gold (99.9 purity) also slumped by a similar margin to end at Rs 28,105 per 10 grams compared to Rs 28,225.

Silver (.999 fineness), however, moved up by Rs 55 to finish at Rs 45,125 per kilo against Rs 45,070 yesterday.

On the global front, the yellow metal slipped below three-month high ahead of much awaited US jobs data and key policy decision by the European Central Bank.

Spot gold was bid lower at USD 1,323.55 an ounce in early European trade.

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