Gold slips from record high, silver strengthens

Mumbai, Sept 3:

prices slipped from its record highs at the bullion market here today on reduced off-take by stockists and investors as well as lack of local buying interest at the existing levels.

Silver strengthened further on heavy speculative demand from traders. Standard gold (99.5 purity) eased by Rs 55 to close at Rs 31,200 per 10 gm from last Saturday's closing level of Rs 31,255.

Pure gold (99.9 purity) also went down by Rs 50 to finish at Rs 31,350 per 10 gm from Rs 31,400. However, silver ready (.999 fineness) firmed up by a Rs 170 per kg to conclude at Rs 60,310 as against Rs 60,140 last weekend.

In Europe, gold eased, but managed to hold its five-month peak in anticipation of more stimulus from US Federal Reserve.

Spot gold bid down at USD 1,686.96 an ounce in early trade. While silver was bid up at USD 31.75 an ounce.

PTI