#Gold weakens on subdued demand, global bearishness

Mumbai, Dec 30 (PTI) Gold prices turned lower after a brief rebound at the domestic bullion market here today due to reduced offtake by stockists as well as lack of local buying support.

Silver continued its downfall for the third-straight session owing to consistent offloading by speculative traders coupled with sluggish industrial demand.

Standard gold (99.5 purity) declined by Rs 55 per 10 grams to finish at Rs 25,155, from its overnight closing level of Rs 25,210.

Pure gold (99.9 purity) also slipped by a similar margin to end at Rs 25,305 per 10 grams compared to Rs 25,360 previously.

Silver (.999 fineness) slumped by Rs 255 to finish at Rs 33,660 per kg from Tuesday’s close of Rs 33,915.

Globally, the yellow metal traded marginally lower in quiet year-end trading, as investors awaited key US macro data.

Spot gold was lower at USD 1,068 an ounce in early European trade, while silver remained under USD 14-mark and traded little changed at USD 13.84 an ounce.