Gold turns soft on subdued demand; silver moves down

Gold prices declined marginally after a sharp overnight rally on the bullion market here today due to reduced offtake by jewellery stockists as well as lack of local buying support despite firm overseas cues.
Silver also edged lower on lack of industrial demand.
Standard gold (99.5 purity) fell by Rs 25 to settle at Rs 26,630 per 10 grams from Thursday's closing of Rs 26,655.
Pure gold (99.9 purity) also eased by a similar margin to end at Rs 26,780 per 10 grams against Rs 26,805 previously.
Silver (.999 fineness) slipped by Rs 45 to conclude at Rs 37,375 per kg from Rs 37,420 yesterday.

Meanwhile globally, the yellow-metal firmed up on dollar weakness after lacklustre US macro data fueled uncertainty over the timing of a Federal Reserve rate hike.
Spot gold was bid higher at USD 1,206.00 an ounce in early European trade, while spot silver quoted at USD 16.47 an ounce.