Gold weakens on global cues, lacklustre demand

Gold prices dropped to more than three-month low at the domestic bullion market here today on consistent selling by stockists and weak local buying interest following bearish global cues.
The precious metal's price had touched Rs 26,080 last on March 23.
Silver too dipped owing to heavy speculative unwinding amid reduced industrial offtake.
Standard gold (99.5 purity) slumped by Rs 215 to close at Rs 26,080 per 10 grams from Wednesday's closing level of Rs 26,295.
Pure gold (99.9 purity) also fell by a similar margin to end at Rs 26,230 per 10 grams from Rs 26,445.
Silver (.999 fineness) dipped by Rs 225 to finish at Rs 36,005 per kg compared to Rs 36,230 previously.

On the global front, gold fell to four-week low in early trade today, extending losses into a third straight session due to a strong dollar ahead of US jobs data that could support expectations of the Federal Reserve lifting interest rates soon.
Spot gold slid at USD 1,159.60 an ounce in early European trade, while silver rose at USD 15.57 an ounce.