Gold slumps to 2-week low, silver cracks 41k-mark

Gold extended its losses for the third straight session and fell to a two-week low at the bullion market here today amid subdued local buying interest.
Silver cracked below the Rs 41,000-mark by tumbling Rs 555 per kg owing to persistent speculative selling and reduced industrial demand.
Standard gold (99.5 purity) dropped by Rs 205 to end at Rs 28,800 per 10 gram from Tuesday's level of Rs 29,005.
Pure gold (99.9 purity) also dipped by a similar margin to finish at Rs 28,950 per 10 grams against Rs 29,155 previously.
Silver (.999 fineness) also slumped by Rs 555 per kg to close at Rs 40,980 as compared to Rs 41,535 earlier.

Globally, gold recovered from a two-week low as speculators locked in some profit from recent losses, but some analysts expect further weakness due to easing political risks.
Spot gold was up 0.1 per cent at USD 1,264.40 at early trade. Earlier in the session, prices hit a low of 1,260.90, their weakest since April 11.
Spot silver was flat at USD 17.55 an ounce after hitting over one-month low of USD 17.49.