Gold price hits 1-1/2-month low of Rs 28,090 per 10 grams

Mumbai: Gold on Wednesday hit 1-1/2-month low of Rs 28,090 per 10 grams, following subdued demand from stockists and retailers.

Silver also drifted lower by Rs 280 per kg due to reduced off-take by industrial units and coin makers.

Standard gold (99.5 purity) eased by Rs 45 to end at Rs 28,090 per 10 grams from Tuesday's closing level of Rs 28,135.

Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 28,240 per 10 grams as compared to Rs 28,285 yesterday.

Silver (.999 fineness) declined by Rs 280 to end at Rs 37,350 per kg as against Rs 37,630 yesterday.

While, the US markets remained closed yesterday on the occasion of Independence Day.