Gold weakens on global cues

Gold prices slipped at the domestic bullion market here today following a reduced offtake from stockists and investors.

While, silver attracted increased buying support for the second day from industrial units.

Standard gold (99.5 per cent purity) fell by Rs 25 to close at Rs 30,755 per 10 grams from Monday's closing level of Rs 30,780.

Pure gold (99.9 per cent purity) also moved down by the same amount to end at Rs 30,905 per 10 grams compared to Rs 30,930 earlier.

However, silver (.999 fineness) moved up by Rs 55 to conclude at Rs 38,540 per kg as against Rs 38,485 yesterday.

Globally, gold slipped as risk appetite revived in global financial markets, lifting equities, but the precious metal was not far off a six-week high hit overnight as investors remained cautious over political tensions between Russia and the West.

Spot gold was down 0.3 per cent at USD 1,348.65 per ounce at early trade.

In other precious metals, spot silver was flat at USD 16.66 per ounce.