Gold, silver drop to 2-week lows on global cues

Gold extended its losses for third straight session and fell to two-week low at the bullion market here today following stockists and investors selling amid subdued local buying interest driven by bearish International markets.
Silver fell further owing to persistent speculative selling and reduced industrial demand.
Standard gold (99.5 purity) dropped by Rs 420 to end at Rs 28,705 per 10 gram from Wednesday's level of Rs 29,125.
Pure gold (99.9 purity) also dipped by a similar margin to finish at Rs 28,855 per 10 grams against Rs 29,275 previously.
Silver (.999 fineness) also slumped by Rs 520 per kg to close at Rs 40,890 as compared to Rs 41,410 earlier.

Globally, gold fell half a per cent early today and headed for its first weekly loss of the year, as a two-day rise in the dollar prompted some investors to cash in gains after the metal hit its highest since mid November earlier this week.
Spot gold was down 0.4 percent at USD 1,184.11 per ounce at early trade and Silver fell 0.2 percent at USD 16.72 per ounce.