Gold, silver fall on global cues

Mumbai, Jan 20: Gold and silver prices fell at the bullion market here on Thursday on profit selling by stockists and investors amid subdued jewellery demand on the back of lower overseas cues.

Standard gold of 99.5 per cent purity declined by Rs 185 to end at Rs 27,245 per 10 grams from Thursday's closing level of Rs 27,430. Pure gold of 99.9 per cent purity also dropped by a similar margin of Rs 185 to finish at Rs 27,375 per 10 grams from Rs 27,560.

Silver ready (.999 fineness) slipped by Rs 295 per kg to conclude at Rs 53,140 from Rs 53,435 previously. In New York, gold moved down after gaining for two days following good US employment data figures amidst stable inflation which eased the safe haven demand for the metal.

Gold for February delivery fell by USD 5.40 to USD 1,654.50 an ounce on the Comex division of NYMEX late yesterday. March silver went down by 3 cents to USD 30.51 an ounce.

PTI