LONDON, Sept 25: Gold slipped on Tuesday as investors took profits from its recent rally to 28-year highs, but overall sentiment stayed bullish due to dollar weakness.

A decline in oil prices from last week’s record highs also weighed on the metal, which has jumped about 14 per centin six weeks and is up around $100 an ounce from a year-ago level.

Spot gold was quoted at $726.50/727.30 an ounce down from $731.70/732.50 in New York late on Monday and off Friday’s high of $739 — the highest since January 1980.

A weaker dollar makes gold cheaper for non-US investors. The metal is also generally seen as a hedge against oil-led inflation.

Gold eased in other markets, with the most-active December gold contract on the COMEX division of the NYME down $4.0 an ounce to $734.30 an ounce in electronic trade — off Friday’s 28-year high of $747.10.—Reuters