Mumbai, Jan 15 (Agencies): Precious metal gold declined on Saturday due to sustained selling by stockists and subdued local demand. Silver also dropped due to heavy offloading and lower industrial demand.

Standard gold (99.5 per cent purity) dipped by Rs 60 per 10 grams to end at Rs 20,205 from Friday's closing level of Rs 20,265.

Pure gold (99.9 per cent purity) also fell by a similar margin to finish at Rs 20,305 per 10 grams as against Rs 20,365 on Friday.

Silver ready (.999 fineness) slumped by Rs 260 per kg to close at Rs 44,700 as against Rs 44,960 previously.

In New York, gold for February delivery lost by USD 26.50 to settle at USD 1,360.50 an ounce on the Comex Division of the NYMEX.

Silver for March delivery was down by 94 cents to USD 28.32 an ounce.