Gold declines further on sell-off, silver also slips

Mumbai, Jan 15 (PTI) Gold prices declined further at thebullion market here today on sustained selling by stockistsand subdued local demand amidst weakening global sentiment.

Silver also dropped due to hectic offloading byspeculators as well as lower industrial demand.

Standard gold (99.5 per cent purity) dipped by Rs 60per 10 grams to end at Rs 20,205 from Friday''s closing levelof Rs 20,265.

Pure gold (99.9 per cent purity) also fell by a similarmargin to finish at Rs 20,305 per 10 grams as against Rs20,365 yesterday.

Silver ready (.999 fineness) slumped by Rs 260 per kgto close at Rs 44,700 as against Rs 44,960 previously.

In New York, gold for February delivery lost by USD 26.50to settle at USD 1,360.50 an ounce on the Comex Division ofthe NYMEX.

Silver for March delivery was down by 94 cents to USD28.32 an ounce.