Gold declines on weak demand, overseas cues

Gold prices fell back from a one-week peak at the domestic bullion market here due to reduced offtake by stockists and retailers, amid poor local buying sentiment.
Elsewhere, silver also moved down owing to sluggish demand from consuming industries.
Standard gold (99.5 purity) fell by Rs 35 to end at Rs 26,885 per 10 grams from last Saturday's closing level of Rs 26,920.
Pure gold (99.9 purity) also shed by a similar margin to settle at Rs 27,035 per 10 grams as against Rs 27,070.
Silver (.999 fineness) slipped by Rs 55 to conclude at Rs 37,595 per kg compared to Rs 37,650 last week.

On the global front, the yellow metal continued to trade below the USD 1,200 threshold, though retaining sharp short-covering gains from the Friday's session amid stronger dollar value.
Spot gold was bid lower at USD 1,191.80 an ounce in early European trade.