Gold moves up, silver slips in domestic bullion market

MUMBAI: Gold prices moved up marginally at the domestic bullion market today on stray demand from traders as well as local buying.

Silver, however, dropped after a four-session rally on selling and reduced industrial off-take.

Standard gold (99.5 purity) added Rs 20 per 10 grams to close at Rs 31,200 from Wednesday's closing level of Rs 31,180.

Pure gold (99.9 purity) edged up by Rs 15 per 10 grams to end at Rs 31,335 from Rs 31,320.

Silver ready (.999 fineness) fell by Rs 485 per kg to conclude at Rs 60,290 as against Rs 60,775 yesterday.

In Europe, gold traded down on investor caution after the focus shifted from President Barack Obama's re-election to US economic woes as well as euro-zone debt crisis.

Spot gold was bid lower at USD 1,714.30 an ounce (28 gm) in early trade. Silver was also bid down at USD 31.67 an ounce.