Gold encounters profit-selling, silver edges higher

Mumbai, Jan 31 (PTI) Gold prices witnessed profit takingafter a sharp weekend surge at the bullion market here todayon emergence of stockist selling amidst bearish globaloutlook.

On the other hand, silver firmed up on better investmentbuying.

Standard gold (99.5 per cent purity) declined by Rs 60per 10 grams to end at Rs 19,945 from last Saturday''s closinglevel of Rs 20,005.

Pure gold (99.9 per cent purity) also fell by Rs 40 perten grams to finish at Rs 20,055 from Rs 20,095 last weekend.

However, silver ready (.999 fineness) moved up by Rs 30per kilo to settle at Rs 43,735 as against Rs 43,705previously.

In Europe, Gold prices eased on improved US economicdata. It climbed to eight week gain last Friday on the back ofunrest in Egypt.

Spot gold was quoted down at USD 1,332.91 an ounce inearly trade, while silver was at USD 27.92 an ounce.