Gold softens on reduced offtake, bearish overseas tone

Gold prices retreated after the spectacular rally overnight at the domestic bullion market here due to lacklustre demand from stockists and jewellery makers, largely impacted by sluggish global cues.
Silver also moved down owing to lack of buying support from industrial users.
Standard gold (99.5 purity) declined by Rs 80 to close at Rs 28,475 per 10 grams from Tuesday's finish of Rs 28,555.
Pure gold (99.9 purity) also fell by a similar margin to settle at Rs 28,625 per 10 grams as compared to Rs 28,705 yesterday.
Silver (.999 fineness) moved down by Rs 90 to end at Rs 36,340 from Rs 36,430 earlier.

In worldwide trade, the shiny metal retreated modestly as investors risk appetite turned weaker heading into the FOMC March minutes release due later in the US session amid a relief rally in equities and oil.
Spot gold was substantially lower at USD 1,220 an ounce in early European session, while silver slipped below the significant USD 15-mark to trade at USD 14.995 an ounce.