Gold, silver slips on subdued demand, global cues

Mumbai, Aug 17 (PTI) Gold prices slipped at the domesticbullion market here today following selling by stockistscoupled with subdued local buying interest amid bearish globalcues. Silver too dropped owing to lack of industrial buyingsupport. Standard gold (99.5 purity) fell by Rs 85 to close at Rs31,395 per 10 grams from Tuesday’s closing level of Rs 31,480. Pure gold (99.9 purity) also moved up by a similar marginto end at Rs 31,545 per 10 grams as against to Rs 31,630previously. Silver (.999 fineness) dipped by Rs 520 to finish at Rs46,750 per kg as against Rs 47,270 last Friday. Globally, gold eased following hawkish comments from USFederal Reserve officials that raised the prospects of a rateincrease this year, and more clues on rates are expected laterfrom the release of minutes from the last Fed policy meeting. Spot gold was down at USD 1,342.68 an ounce in earlyEuropean trade. The precious metal had rose 0.5 per centyesterday. Silver fell to USD 19.59 an ounce. PTI ARRABI