Gold slips on weak global cues

Gold prices slipped by Rs 175 per 10 grams in the bullion market here today due to subdued demand from local jewellers and a weak trend overseas.

Silver, however, continued its fall for the third session and slipped by Rs 285 per kg owing to reduced offtake by industrial units.

Standard gold (99.5 per cent purity) dropped by Rs 175 to close at Rs 30,620 per 10 grams from Tuesday's level of Rs 30,795.

Pure gold (99.9 purity per cent) also dipped by the same amount to finish at Rs 30,770 per 10 grams as compared to Rs 30,945 yesterday.

Silver (.999 fineness) declined by Rs 285 per kg to end at Rs 39,535 as compared to Rs 39,820 previously.

Globally, gold lost further ground after hitting a six-month low in the previous session and as the dollar scaled an 11-month peak on escalating trade tensions, while platinum hit a two-and-a-half year trough.

Spot gold was trading down by 0.2 per cent at USD 1,272.52 an ounce in early trade.

Silver dipped 0.2 per cent at USD 16.25 an ounce.