4 Sep, 2008, 1936 hrs IST, PTI
NEW DELHI : Gold prices on Thursday edged up by Rs 5 to close at 11,845 per 10 grams on the bullion market here on steady demand, while silver rates crashed by Rs 480 due to heavy selling.
Silver prices settled the day at Rs 20,150 per kg, a loss of Rs 480 as compared to its last close. Marketmen said that steady demand ahead the marriage and festival season pushed up the gold prices. Reports of strong global trends also boosted the market sentiments, they added.
However, silver remained bearish on selling by stockists amid reduced offtake by industrial units, traders said.
In London, gold rose for the first time in five sessions on reduced offtake and the dollar's decline against the euro buoyed demand for the metal as an alternative investment. Gold rose by 10.74 dollars at 812.04 dollars an ounce.
Standard gold and ornaments gained Rs 5 each at Rs 11,845 per 10 grams and Rs 11,695 per 10 gram. Sovereign, however, lost Rs 50 at Rs 9,850 per piece of eight gram.
Silver ready recorded a loss of Rs 480 at Rs 20,150 per kg while its weekly-based delivery declined by Rs 250 to Rs 20,100 per kg.
Silver coins, however, shot up by Rs 300 to Rs 28,000 for buying and Rs 28,100 for selling of 100 coins on paucity of stocks.
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