Gold crashes to 7-week low

Gold on Wednesday hit a seven-week low, losing Rs 280 to Rs 27,890 per 10g, due to lack of buying support from stockists, in line with a weak trend abroad.

After losing Rs 95 in the previous session, gold tumbled to a level last seen on January 25, due to lower offtake on expectations of more correction in prices.

Silver followed and declined for the third straight session day, by losing Rs 500 to Rs 57,000 a kg on reduced offtake by industrial units, amid weak global cues.

Sluggish local demand and some investors shifting funds to rising equity also dampened the trading sentiment.