Gold prices move down

Gold prices moved down in the bullion market here during the week on poor demand coupled with fresh stockists offerings on the back of lower global advices, while silver prices firmed up on mild industrial demand.

On Thursday, standard gold rose to Rs 12,260 on persistent stockists buying in view of current marriage season coupled with strong rally in global market. Pure gold (99.9 purity) also rose to Rs 12,315. However, standard gold (99.5 purity) ended lower at Rs 11,895 as against the last weekend's level of Rs 11,990, showing a loss of Rs 95 per 10 grams.

Pure gold (99.9 purity) also finished lower at Rs 11,950 from the last weekend's level of Rs 12,050, disclosing a loss of Rs 100 per 10 grams. Silver ready (.999 fineness) opened lower at Rs 23,410, but recovered afterwards to Rs 24,480 before ending at Rs 23,945 as against Rs 23,780, showing a gain of Rs 165 per kilo.

In New York, record highs in crude oil and the euro, combined with ongoing uneasiness about inflation, led to a sharp rally in gold and other precious metals on Wednesday, a trader said. June gold rose By $16.30 to $948.30 an ounce on the Comex division of the New York Mercantile Exchange.

Comex May silver climbed by 47.5 cents to $18.32. In Hong Kong, gold prices rose to $949.70/950.40 per ounce and in London gold shot up to $951.00 per ounce.