Gold slips on renewed selling; FOMC meet in spotlight

Gold prices turned weak today after a brief rebound at the domestic bullion market here due to fresh bout of selling by speculative traders and investors amid mixed overseas cues.
Moreover, silver moved down owing to lack of industrial buying support.
Stockists and traders reduced their long positions and preferred to stay on the sidelines in the absence of any meaningful recovery in overseas as well as some caution ahead of the last FOMC meet on Wednesday before a potential interest rate hike in September, a bullion trader commented.
The yellow-metal had witnessed a smart rebound on Saturday from its four-year low.

Standard gold (99.5 purity) fell by Rs 70 to end at Rs 24,925 per 10 gm from last Saturday's closing level of Rs 24,995.
Pure gold (99.9 purity) also shed by a similar margin to settle at Rs 25,075 per 10 grams compared to Rs 25,145.

Silver (.999 fineness) eased by Rs 50 to finish at Rs 34,470 per kg as against Rs 34,520 last weekend.
On the global front, the shiny-metal fell back after a brief climb above the key USD 1,100 mark to trade marginally lower despite softening dollar and carnage in equities worldwide.
Spot gold was substantially down at USD 1,089.80 an ounce in early European trade and silver was quoted weak at USD 14.55 an ounce.