Gold declines on stockist offering, silver shines

Mumbai: Gold prices fell further at the bullion market here on Monday due to sustained offering by stockists and speculators despite higher global cues.

Silver, however, recovered smartly on fresh industrial demand.

Standard gold (99.5 per cent purity) slipped by Rs 60 per 10 grams to end at Rs 20,155 from last weekend`s closing level of Rs 20,215.

Pure gold (99.9 per cent purity) went down by Rs 55 per 10 grams to finish at Rs 20,260 as against Rs 20,315 previously.

However, silver ready (.999 fineness) rose by Rs 145 per kg to close at Rs 46,145 from Rs 46,000 on last Saturday.

In Europe, gold traded slightly higher as the stronger dollar restricted gains.

Spot gold was bid at USD 1,356.70 an ounce in early trade as compared to USD 1,356.12 late in New York on Friday.

Silver was bid at USD 30.11 an ounce as against USD 28.85.