Gold declines on reduced offtake, overseas cues

Gold prices today declined modestly, snapping a three-session rising trend, at the domestic bullion market due to lacklustre demand from stockists as well as poor local buying interest at current levels.
Elsewhere, silver also fell back after a brief overnight recovery on the back of speculative selling and lower industrial support.
Standard gold (99.5 purity) dropped by Rs 65 to close at Rs 26,400 per 10 grams from Tuesday's closing Rs 26,465.
Pure gold (99.9 purity) also shed by a similar margin to finish at Rs 26,550 per 10 grams from Rs 26,615 previously.
Silver (.999 fineness) slumped by Rs 160 to conclude at Rs 37,390 per kg against Rs 37,550 yesterday.

Globally, the shiny metal slipped below the key psychological USD 1,200 an ounce level on profit-taking as bullion traders nervously awaited the release of key US data later in the session.
Spot gold was bid lower at USD 1,197.00 an ounce in the early European trade.