Gold, silver slips on subdued demand, global cues

Gold prices slipped at the domestic bullion market here today following selling by stockists coupled with subdued local buying interest amid bearish global cues.
Silver too dropped owing to lack of industrial buying support.
Standard gold (99.5 purity) fell by Rs 85 to close at Rs 31,395 per 10 grams from Tuesday's closing level of Rs 31,480.
Pure gold (99.9 purity) also moved up by a similar margin to end at Rs 31,545 per 10 grams as against to Rs 31,630 previously.
Silver (.999 fineness) dipped by Rs 520 to finish at Rs 46,750 per kg as against Rs 47,270 last Friday.

Globally, gold eased following hawkish comments from US Federal Reserve officials that raised the prospects of a rate increase this year, and more clues on rates are expected later from the release of minutes from the last Fed policy meeting.
Spot gold was down at USD 1,342.68 an ounce in early European trade. The precious metal had rose 0.5 per cent yesterday. Silver fell to USD 19.59 an ounce.