Gold slips on selling, silver extends fall

Gold slipped from its overnight surge to again retrace the Rs 30,000 per 10-grams level at domestic bullion market today on profit-taking by stockists and traders and reduced local buying interest at the existing higher levels.
Silver extended the fall owing to heavy speculative unwinding to revisit Rs 48K mark.
Standard gold (99.5 purity) dropped by Rs 185 to close at Rs 30,995 per 10 grams from Tuesday's closing level of Rs 31,180.
Pure gold (99.9 purity) also dipped by a similar margin to finish at Rs 31,145 per 10 grams from Rs 31,330.
Silver ready (.999 fineness) slid by an hefty Rs 865 to conclude at Rs 48,670 per kilo from Rs 49,535 yesterday.

At overseas, gold rose after its four-session fall on stable dollar following US Federal Reserve officials gave mixed signals on the timing for scaling back the monetary stimulus.
In London, spot gold bid up USD 1,276.16 an ounce in early trade.