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Gold drops on lacklustre demand ; silver hits two-month low

PTI 14 Aug 2014, 20:27:59 PM IST
Mumbai: Defying firm global trend, gold prices dropped further at the domestic bullion market here today due to reduced buying from jewellery traders and retailers amid profit taking.

The industrial metal, silver plunged sharply to a two-month low on the back heavy speculative unwinding.

Standard gold (99.5 purity) declined by Rs 100 to finish at Rs 28,355 per 10 grams from Wednesday's level of Rs 28,455.  Pure gold (99.9 purity) also fell by same margin to end at Rs 28,505 per 10 grams compared to Rs 28,605 previously.  Silver (.999 fineness) tumbled by a hefty Rs 520 to conclude at Rs 44,000 per kg against Rs 44,520 yesterday.

Globally, the shiny metal continued its uptrend after disappointing US retail sales data eased speculation of an imminent rate hike by the Federal Reserve.

Spot gold was higher at USD 1,312.10 an ounce in early European trade.