Gold prices slip on global cues, silver surges
Gold prices fell back after a brief overnight rebound at the domestic bullion market in Mumbai on Thursday due to fresh selling by stockist and jewellery traders amidst lower global cues.
Silver, on the otherhand gained further on sustained industrial offtake.
Standard gold (99.5 purity) fell by Rs 160 to close at Rs 24,675 per 10 grams from Wednesday's closing level of Rs 24,835.
Pure gold (99.9 purity) also declined by a similar margin at Rs 24,825 per 10 grams as compared to Rs 24,985 previously.
However, silver (.999 fineness) rose by Rs 75 to settle at Rs 34,415 per kg as against Rs 34,340 on Wednesday.
Globally, gold fell more than 1% in early trade, trading close to a 5-1/2-year low hit last week, as the dollar jumped after the Federal Reserve left the door open for a rate rise in September and ahead of US GDP data.
Spot gold dropped at $1,081.85 an ounce in early European trade and silver dipped $14.64 an ounce.