Gold, silver drop on global cues, stockist offering

Mumbai: Gold and silver prices declined at the bullion market here on Saturday due to offering by stockists amidst profit taking by speculators on the back of bearish trend at international market.

Standard gold (99.5 per cent purity) slipped by Rs 65 per 10 grams to close at Rs 20,215 from Friday`s closing level of Rs 20,280.

Pure gold (99.9 per cent purity) also fell by a similar margin to conclude at Rs 20,315 as compared to Rs 20,380 previously.

Silver ready (.999 fineness) dropped by Rs 135 per kg to end at Rs 46,000 from yesterday`s closing level Rs 46,135.

In New York, gold futures settled lower over easing of Egyptian crisis amidst strengthening dollar.

Gold for April delivery lost USD 2.10 to settle at USD 1,360.40 an ounce on the Comex division of NYMEX.

March silver was down by 10 cents at USD 29.99 an ounce.