Gold gains Rs 50 on strong global cues
28 Aug, 2008, 1914 hrs IST, PTI
Gold prices on Thursday rose by Rs 50 to close at Rs 12,080 per 10 gram on the bullion market on sustained buying influenced by firming global trend.
Silver, however, fell by Rs 130 to Rs 20,800 per kg on weak demand.
Strong global trends remained the major driving force behind the gold rally, marketmen said.
Gold rose by 7.90 dollars to 834.80 dollars an ounce in London. Silver also rose 24.5 cents to 13.74 dollars an ounce.
Increased buying by stockists and jewellers to meet the demand during marriage and festival season also supported the movement, traders said.
Standard gold and ornaments added Rs 50 each at Rs 12,080 and Rs 11,930 per 10 grams respectively. Sovereign also gained Rs 25 at Rs 9,925 per piece of eight gram.
Silver ready, however, fell by Rs 130 to Rs 20,800 per kg but weekly-based delivery rose by Rs 105 at Rs 20,380 per kg on speculators buying.
Silver coins was traded unchanged at Rs 27,900 for buying and Rs 28,000 for selling of 100 pieces.
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