Gold drops further on subdued demand

Falling for the fourth straight session, gold prices drifted further at the bullion market here today due to reduced offtake by local jewellers owing to a considerable fall in demand.
Silver too remained under selling pressure and dropped by Rs 345 per kg.
Standard gold (99.5 purity) fell by Rs 35 to finish at Rs 28,910 per 10 grams from last Friday's closing level of Rs 28,945.
Pure gold (99.9 purity) also moved down by a similar margin to settle at Rs 29,060 per 10 grams as compared to Rs 29,095.
Silver (.999 fineness) declined by Rs 345 to conclude at Rs 39,740 per kg against last weekend's level of Rs 40,085.

Globally, gold inched up as Asian stocks fell and the dollar eased ahead of the US Federal Reserve policy meeting that could give clues on the pace of interest rate hikes over the rest of the year.
Spot gold was up 0.1 per cent at USD 1,266.90 an ounce at early trade, after shedding 1 per cent in its biggest one-day percentage decline since May 18 in the previous session.
Silver was down 0.1 per cent at USD 17.15 per ounce.