Gold, silver decline on selling, global cues

Gold prices fell at the domestic bullion market today on sustained profit selling by stockists and investors amid subdued local buying interest at the higher levels on the back of bearish global cues. Silver also dropped further owing to hectic speculative sell-off.

Standard gold (99.5 purity) slipped by Rs 270 per 10 gm to end at Rs 30,845 from Wednesday's closing level of Rs 31,115.

Pure gold (99.9 purity) slid by Rs 260 per 10 gm to close at Rs 30,980 as against Rs 31,240.

Silver ready (.999 fineness) slumped by Rs 350 per kg to conclude at Rs 61,940 from Rs 62,290 previously.

In Europe, gold fell on investor selling on renewed worries over US fiscal cliff.

In Europe, spot gold was traded lower at USD 1,693.80 an ounce in early trade.

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