Gold falls back on subdued demand; silver too tumbles

Gold prices dropped from its multi-week highs, halting a two-session upmove at the domestic bullion market here today due to subdued stockists demand and also impacted by fresh bouts of profit-taking.
The yellow-metal had surged to two-week high on Monday fuelled by a strong global commodity relief rally.
Elsewhere, silver took a severe blow and plummeted sharply on the back of frantic speculative unwinding.
Standard gold (99.5 purity) slid by Rs 105 to conclude at Rs 26,495 per 10 grams from Monday's closing level of Rs 26,600.
Pure gold (99.9 purity) also shed by a similar margin to end at Rs 26,645 per 10 grams compared to Rs 26,750.

Silver (.999 fineness) slumped by Rs 435 to finish at Rs 37,070 per kg from Rs 37,505 yesterday.
Globally, the shiny metal snapped its seven-day winning streak on renewed funds and investors selling after weak Chinese trade data rekindled fears that the world's second-largest economy is slowing more than expected.
Spot was substantially weak at USD 1,158 an ounce in early European trade and silver was quoted marginally lower at USD 15.85 an ounce.