Gold slips on reduced demand, silver rebounds

Gold prices slipped by Rs 75 after a two days gain at the bullion market here Wednesday, following lower investors and jewellery offtake.

While, silver prices recovered by Rs 400 to Rs 37,535 per kg owing to renewed offtake from industrial units.

Standard gold (99.5 per cent purity) eased by Rs 75 to end at Rs 30,680 per 10 gram from Tuesday's closing level of Rs 30,755.

Pure gold (99.9 per cent purity) also moved down by a similar margin to close at Rs 30,830 per 10 gram as against Rs 30,905 yesterday.

However, silver (.999 fineness) rose by Rs 400 to finish at Rs 37,535 per kg compared to Rs 37,135 previously.

Globally, gold prices held steady as investors were cautious ahead of the conclusion of US Federal Reserves two-day meeting, where policy makers are expected to raise interest rates for the third time this year.

Spot gold was little-changed at USD 1,200.43 per ounce in an early trade.

Silver rose by 0.5 per cent at USD 14.48.