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Gold hits 2-week low; global cues, subdued demand hurt

Gold continued to head downhill to trade at a 2-week low of Rs 30,550 per 10 grams by plunging Rs 200 on Monday, in sync with a weak global market.

Under the Gold Monetisation Scheme, banks are authorised to collect gold for up to 15 years to auction them off or lend to jewellers from time to time.
Spot gold was up 0.1 per cent at $1,351.49 an ounce by 0052 GMT. The precious metal touched a peak of $1,357.60 an ounce Monday, less than $1 below last month's high.
Gold imports plunged by 38.54 per cent to $1.2 billion in June while inbound shipments of silver fell by more than a quarter in the month.
State-owned trading firm MMTC to e-auction the precious metal collected by the government under the Gold Monetisation Scheme in a lots of five kg bars.