Gold weakens on subdued demand, global cues

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Gold prices turned lower by Rs 150 to finish at Rs 26,230 per ten grams at the domestic bullion market here today due to reduced offtake by stockists as well as weak global cues.
On the other hand, silver recovered modestly on the back of industrial demand.
Standard gold (99.5 purity) declined by Rs 150 per 10 grams to finish at Rs 26,230, from its overnight closing level of Rs 26,380.
Pure gold (99.9 purity) also slipped by a similar margin to end at Rs 26,380 per 10 grams compared to Rs 26,530 previously.
Silver (.999 fineness) rose by Rs 50 to finish at Rs 34,645 per kg from yesterday's close of Rs 34,595.

Globally, gold fell as hints of more monetary stimulus from the European Central Bank weighed on the euro and pushed European shares up 2.5 percent, denting appetite for alternative assets, while oil rebounded.
Spot gold was down 0.5 percent at USD 1,096.20 an ounce in early trade, while US gold futures for February delivery were down 60 cents an ounce at USD 1,097.60. Silver was up 0.5 per cent at USD 14.13.