Gold slips on selling by stockists, global cues

Gold prices slipped at the domestic bullion market today on fresh bouts of selling by stockists and retailers amidst weak global cues.
Elsewhere, silver dropped further due to persistent speculative unwinding as well as poor industrial buying.
Standard gold (99.5 purity) fell by Rs 270 to close at Rs 26,295 per 10 grams from last Saturday's closing level of Rs 26,565.
Pure gold (99.9 purity) also dipped by a similar margin to settle at Rs 26,445 per 10 grams as compared to Rs 26,715 previously.
Silver (.999 fineness) slumped by Rs 475 to finish at Rs 38,124 per kg as against Rs 38,600 last weekend.

In overseas markets, gold prices fell 1 per cent in early trade, down for the second straight session as the dollar climbed on increasing prospects that the Federal Reserve may start raising interest rates gradually this year.
Spot gold fell at USD 1,187.06 an ounce and spot silver was down USD 16.74 an ounce in early European trade.