Gold, silver shift to profit taking, global cues

Mumbai, Feb 2 (PTI) After an overnight rise, gold andsilver prices declined at the bullion market here today asstockists and speculators resorted to profit taking followingweak overseas cues.

Standard gold (99.5 per cent purity) dropped by Rs 110per 10 grams to end at Rs 19,885 from yesterday''s closinglevel of Rs 19,995 per 10 grams.

Pure gold (99.9 per cent purity) also fell by Rs 100 per10 grams to close at Rs 19,990 from Rs 20,090 in the previoussession.

Silver ready (.999 fineness) slipped by Rs 130 per kg tofinish at Rs 44,045 from Tuesday''s closing level of Rs 44,175.

In Europe, Gold prices eased on good US economicindications and spate of good corporate earnings, thoughconcerns over unrest in Egypt attracted some safe heavenbuying.

Spot gold was bid at USD 1,337.25 an ounce in early tradeas against USD 1,340.45 late in New York yesterday.

While silver was bid at USD 28.38 an ounce as againstUSD 28.49.

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