Gold slips on global cues, muted demand

Gold prices fell at the domestic bullion market here today following subdued offtake from stockist and investors as well as muted demand from jewellers driven by fall in global markets.
Silver also followed suit amid weak buying from industrial units.
Standard gold (99.5 purity) dipped by Rs 445 to settle at Rs 28,500 per 10 grams compared to overnight close of Rs 28,945.
Pure gold (99.9 purity) also fell by a similar margin to end at Rs 28,650 per 10 grams compared to Rs 29,095 on friday's closing.
Silver (.999 fineness) also slumped by Rs 655 to conclude at Rs 37,035 per kg as against Rs 37,690.

Globally, gold fell 2 percent, as the dollar strengthened and investor appetite for risk increased, but the metal remained above USD 1,200 an ounce after a rally that pushed prices to one-year highs this month.
Spot gold, which posted small losses last week on profit-taking after rallying to USD 1,260.60 on Feb. 11, was down 2 percent at USD 1,204.30 in early trade.
While silver rose 2.1 percent to USD 15.02 an ounce.