Gold at 7-mth low on weak global cues, silver drops

Snapping its three-day winning spree, gold prices today slipped to its over seven-month low at the domestic bullion market here on reduced offtake from stockist and investors amid driven by weaker global cues.
Besides, lower local buying interest assisted the fall.
Silver too dropped following speculative selling and lackluster industrial demand.
Standard gold (99.5 purity) dipped by Rs 415 to close at Rs 28,980 per 10 grams from Wednesday's level of Rs 29,395.
The level not been seen since April 11, 2016.
Pure gold (99.9 purity) also fell by a similar margin to finish at Rs 29,130 per 10 grams compared Rs 29,545 yesterday.

Silver (.999 fineness) slumped by Rs 435 per kg to end at Rs 41,340 as compared to Rs 41,775 previously.

Globally, gold prices fell as the dollar strengthened on growing expectations of a Federal Reserve rate hike in December following positive US economic data.
Spot gold was down 0.2 percent at USD 1,185.55 an ounce in early European trade. It dropped 2 percent in the previous session to touch its lowest in 9-1/2 months at USD 1,181.45.
US gold futures eased 0.3 percent to USD 1,185.60 per ounce.
Spot silver fell 0.6 percent to USD 16.26 an ounce.