Gold dips below Rs 31k-mark, silver too slips

Gold prices dropped further at the domestic bullion market here today due to reduced demand from stockist and retailers despite higher global cues.
Silver slipped owing to subdued demand from consuming industries.
Standard gold (99.5 purity) dipped by Rs 160 to close at Rs 30,945 per 10 grams from Tuesday's level of Rs 31,105.
Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 31,095 per 10 grams as compared to Rs 31,255 yesterday.
Silver (.999 fineness) fell by Rs 135 to conclude at Rs 45,080 as against Rs 45,215 previously.
Globally, gold edged higher as the dollar softened, but remained on course to snap two months of gains in August on mounting speculation the Federal Reserve could raise interest rates sooner rather than later.

Spot gold was up USD 1,314.16 an ounce in early trade having slipped 1 percent in the previous session to touch a two-month low of USD 1,308.65.
Silver was also up at USD 18.75 an ounce.