Silver, gold decline on account of profit-booking

Gold and silver declined at the domestic bullion market here today on moderate offerings by stockists and speculators.

The recent sharp rise in the precious metals and absence of any major cues from overseas markets due to holidays there amidst subdued buying at existing levels encouraged investors, as well as speculators to book profits, traders said.

Silver ready (.999 fineness) dropped by Rs370 per kg to close at Rs57,630 from the week-end closing of Rs58,000 per kg.

Standard gold (99.5 purity) fell by Rs45 per 10 grams to finish at Rs22,520 against previous close of Rs22,565. Pure gold (99.9 purity) also eased by Rs40 per 10 grams to conclude at Rs22,625 as compared to Rs22,665 last Saturday.