Gold slips on subdued demand amid global sluggishness

Snapping a two-day rise, gold prices declined modestly in listless trade at the domestic bullion market here today due to reduced offtake by jewellery traders as well as poor local buying support.
Silver also eased further owing to lack of industrial demand.
Standard gold (99.5 purity) fell by Rs 40 to settle at Rs 26,785 per 10 grams from Friday's level of Rs 26,825.
Pure gold (99.9 purity) also eased by a similar margin to end at Rs 26,935 per 10 grams against Rs 26,975.
Silver (.999 fineness) softened by Rs 25 to finish at Rs 37,375 per kg from Rs 37,400 yesterday.

On the global front, the metal finished above the key psychological USD 1,200 benchmark amid ongoing concerns of a Greek default on its sovereign debt despite stronger dollar.
Gold for August delivery settled relatively flat at USD 1,201.90 an ounce on the Comex division of the NYMEX late yesterday, while silver ended at USD 16.109 an ounce.