Gold, silver slip on sustained selling

Gold prices declined further in bullion market here today due to sustained stockist offering in the absence of local buying interest, amid bearish international market.

Silver also dipped on hectic stockists offloading on the back lower industrial offtake. 

In overseas trade, the precious metals fell on strengthening dollar, though concerns over Libya and Middle East continue to give the metal a safe haven tag.

In the domestic market, standard gold (99.5 purity) declined by Rs 35 per 10 grams to end at Rs 20,835 from overnight closing level of Rs 20,870.

Pure gold (99.9 purity) also fell by Rs 30 per 10 grams to close at Rs 20,940 per 10 grams as compared to Rs 20,970 yesterday. Silver ready (.999 fineness) slid by Rs 155 per kg to conclude at Rs 56,430 from Friday's closing level of Rs 56,585.

In New York, gold for April delivery moved down by $8.70 to $1,426.20 an ounce on the Comex division of NYMEX yesterday. The May delivery silver also retreated 33 cents to $37.05 an ounce.