Gold, silver slip on reduced demand, global cues

Gold prices slipped by Rs 215 per 10 grams after a two-day rally at the domestic bullion market in Mumbai on reduced demand from jewellery stockists amid weak local buying support on the back of sluggish overseas sentiments.

Elsewhere, silver also dropped due to heavy speculative unwinding coupled with lack of industrial offtake.

Standard gold (99.5 purity) declined by Rs 215 to conclude at Rs 29,855 per 10 grams from Monday's closing level of Rs 30,070.

Pure gold (99.9 purity) also fell by a similar margin to close at Rs 30,005 per 10 grams from Rs 30,220.

Silver (.999 fineness) dipped by Rs 425 to finish at Rs 41,080 per kg as against Rs 41,505 yesterday.

Globally, yellow metal edged down partly in response to gains in global stock markets which reduced the appeal of the precious metal, often perceived as a refuge from riskier assets.

Spot gold fell 0.3 percent to USD 1,270.31 per ounce in early European trade, while US gold futures were down 0.2 percent at USD 1,272.00.

Among other precious metals, spot silver rose 0.1 percent to USD 17.14 per ounce.