Gold, silver decline on lower off-take

MUMBAI: Gold prices declined at the domestic bullion market today on subdued buying by stockists as well as jewellery makers despite higher global advices.

Silver also closed lower on reduced speculative demand. Standard gold (99.5 purity) slipped by Rs 115 per 10 grams to end at Rs 28,665 from Tuesday's closing level of Rs 28,780.

Pure gold (99.9 purity) fell by Rs 110 per 10 grams to finish at Rs 28,805 as against Rs 28,915 previously.

Silver ready (.999 fineness) slid by Rs 165 per kg to close at Rs 56,005 from Rs 56,170 yesterday.

In New York, gold rose on continued worries of European economic crisis, and dismal US deficit scenario further fuelled inflationary fears.

Gold for December delivery added USD 23.80 to USD 1,702.40 an ounce on Comex division of NYMEX late yesterday.

December silver gained USD 1.84 to USD 32.95 an ounce.