Gold, silver decline on profit-taking, global cues

Mumbai, Mar 5: Gold prices slipped at the domestic bullion market on Monday on moderate profit-taking by stockists as well as lower jewellery off-take on the back of bearish overseas market. Silver also dropped further owing to sustained speculative selling amidst reduced industrial demand.

Standard gold of 99.5 per cent purity slid by Rs 125 to close at Rs 27,715 per 10 grams from Saturday's level of Rs 27,840. Pure gold of 99.9 per cent purity went down by Rs 110 to finish at Rs 27,845 per 10 grams from Rs 27,955. Silver ready (.999 fineness) dipped by Rs 450 per kg to end at Rs 58,140 from weekend closing level of Rs 58,590.

In Europe, gold fell on weak eurozone economic data and growth numbers from China influenced its sell-off as investors opted for stronger dollar for safe haven. Spot gold were bid low at USD 1,697.09 an ounce in early trade, while silver was down at USD 34.15 an ounce.

PTI