Gold declines on global cues, silver slumps to one month low

Mumbai, Jan 14 (PTI) Gold prices declined at thebullion market here today on selling by stockists as well assubdued offtake from jewellery makers amidst bearishinternational trend.

Silver also plunged to settle below the Rs 45,000 perkg level on continued speculative sell-off and lowerindustrial support.

Standard gold (99.5 per cent purity) fell by Rs 80 per10 grams to close at Rs 20,265 from overnight closing levelof Rs 20,345.

Pure gold (99.9 per cent purity) also dipped by asimilar margin to end at Rs 20,365 per 10 grams as against Rs20,445 previously.

Silver ready (.999 fineness) tanked by Rs 675 per kgto finish at Rs 44,960, a one month low, from Thursday''sclosing level of Rs 45,635.

In Europe, gold fell after Chinese central bank raisedthe interest rate.

Spot gold was bid at USD 1,368.45 an ounce in earlytrade as against USD 1,372.75 late in New York yesterday. USgold futures for February delivery also lost USD 18.80 anounce to USD 1,368.20.

Spot silver was bid at USD 28.60 an ounce as againstUSD 28.67.