Gold drops Rs 180 on subdued demand, global cues

Gold prices fell by Rs 180 at Rs 28,090 per 10 grams at the bullion market today on slackened demand from jewellers and retailers amid a weakening global trend.
Silver also fell by Rs 50 at Rs 38,400 per kg on reduced offtake by industrial units and coin makers.
Traders said besides sluggish demand from jewellers and retailers at current levels, a weakening global trend as easing concerns on Greek debt boosted global equities, mainly kept pressure on gold and silver prices.
Gold in New York, which normally sets price trend on the domestic front, fell by 1.08 per cent to USD 1,260.10 an ounce in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity moved down by Rs 180 each at Rs 28,090 and Rs 27,890 per 10 grams, respectively. It had lost Rs 180 yesterday.
Sovereign, however, remained flat at Rs 24,000 per piece of eight grams in limited deals.
In line with a general weak trend, silver ready declined by Rs 50 at Rs 38,400 per kg but weekly-based delivery traded marginally higher by Rs 25 at Rs 38,025 per kg.
On the other hand, silver coins continued to be traded at last level of Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.