Gold, silver shift to profit taking, global cues

After an overnight rise, gold and silver prices declined at the bullion market here today as stockists and speculators resorted to profit taking following weak overseas cues.

Standard gold (99.5 per cent purity) dropped by Rs 110 per 10 grams to end at Rs 19,885 from yesterday's closing level of Rs 19,995 per 10 grams.   

Pure gold (99.9 per cent purity) also fell by Rs 100 per 10 grams to close at Rs 19,990 from Rs 20,090 in the previous session. Silver ready (.999 fineness) slipped by Rs 130 per kg to finish at Rs 44,045 from Tuesday's closing level of Rs 44,175.  

In Europe, gold prices eased on good US economic indications and spate of good corporate earnings, though concerns over unrest in Egypt attracted some safe heaven buying.  

Spot gold was bid at $1,337.25 an ounce in early trade as against $1,340.45 late in New York yesterday. While silver was bid at $28.38 an ounce as against $28.49.