Gold retreats on investors' selling amid reduced offtake

Defying buoyant global sentiment, gold prices dropped at the bullion market here today following fresh bouts of profit taking by stockists after a sharp overnight surge amid lack of local buying interest.
Silver also fell back on speculative unwinding coupled with subdued industrial offtake.
Standard gold (99.5 purity) fell by Rs 180 to finish at Rs 28,425 per 10 grams from Thursday's closing level of Rs 28,605 per 10 gram.
Pure gold (99.9 purity) also slipped by a similar margin to end at Rs 28,570 per 10 grams compared to Rs 28,750.
Silver (.999 fineness) declined by Rs 120 to conclude at Rs 46,460 per kilo against Rs 46,580 yesterday.

Globally, the shiny metal traded at four-month high on back of safe-haven demand amid fresh worries over Portugal's banking sector following payment crisis.
Gold for August delivery rose to settle at USD 1,339.20 an ounce on the Comex division of the NYMEX late yesterday, while silver gained to USD 21.51 an ounce.