Gold slips on subdued offtake, silver extends gains

Snapping its four-day rise, gold slipped at the domestic bullion market here today due to subdued offtake from jewellery traders and poor local buying support amid bearish global cues.
However, silver continued to rise for the fifth straight session owing to good speculative demand as well as industrial buying.
Standard gold (99.5 purity) declined by Rs 80 to end at Rs 29,840 per 10 grams from Monday's level of Rs 29,920.
Pure gold (99.9 purity) also moved down by a similar margin to close at Rs 29,990 per 10 grams as compared to Rs 30,070 yesterday.
However, silver (.999 fineness) gained by Rs 20 to end at Rs 41,540 against Rs 41,520 previously.

Globally, gold edged lower in early European trade as the dollar rose, but worries about a potential British exit from the European Union and expectations the Federal Reserve will not raise rates at its June meeting kept it close to four-week highs.
Spot gold was down at USD 1,278.56 an ounce in early trade and spot silver fell to USD 17.22 per ounce.