Gold drifts on demand slowdown; Greek debt deal weighs

Gold prices dropped further at the domestic bullion market here today due to sluggish demand at existing levels as well as stockists selling amid a weak overseas trend.
Silver also moved down owing to lacklustre industrial offtake.
Standard gold (99.5 purity) slumped by Rs 150 to finish at Rs 26,635 per 10 grams from last Saturday's closing level of Rs 26,785.
Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 26,785 per 10 grams compared to Rs 26,935.
Silver (.999 fineness) eased by Rs 65 to conclude at Rs 37,310 per kg against weekend level of Rs 37,375.

In global market, the shiny metal retreated below the important psychological USD 1,200 level following progress in Greek debt talks amid rallying equities and firm dollar.
The metal rallied almost 2 per cent last week on easing worries over an imminent Federal Reserve rate hike and dovish outlook on US economy.
Spot gold was substantially lower at USD 1,193.30 an ounce in early European trading, while silver quoted modestly higher at USD 16.12 an ounce.