Gold prices encountered modest profit-taking after continuous four session rally at the bullion market here today on stockists selling amid bearish global markets. Silver also witnessed hectic speculative selling on the back of subdued industrial offtake. Standard gold of 99.5 per cent purity eased by Rs 40 to close at Rs 27,700 per 10 grams from Friday's close of Rs 27,740. Pure gold of 99.9 per cent purity also declined by a similar margin to finish at Rs 27,830 per 10 grams from Rs 27,870 previously. Silver ready (.999 fineness) dropped by Rs 710 per kg to conclude at Rs 51,865 from Rs 52,575 yesterday. In international markets,gold prices drifted following stronger dollar and better US economic data and recent rally pushed investors resorting to profit selling. In New York,gold for February delivery retreated by USD 3.30 to 1,616.80 an ounce on the Comex division of the NYMEX late yesterday. March silver lost 61 cents to USD 28.68 an ounce.
