Gold shoots up, silver cheaper

Mumbai, Oct 16 (UNI) A mixed trend was observed in the precious metals today as Gold advanced further to a two-year high at Rs 9,745 gaining by Rs 95 from its previous close of Rs 9,650 owing to festive demand, while silver slashed by Rs 15 per kg, traders at the Bombay Bullion Association said.

Traders received reports from Tokyo market that Gold fell from a 28-year high on Tuesday on selling after rallies over the last two weeks, but sentiment stayed strong due to strong energy prices and tensions in the Middle East.

Precious metals futures on the Tokyo Commodity Exchange fell and undermined cash gold.

Benchmark TOCOM gold futures were down about 0.4 per cent and key TOCOM platinum was down 1 per cent.

Gold was trading at USD 754.50/755.30 an ounce, down from USD 758.20/759.00 late in New York on Monday, when it hit a 28-year high of USD 759.90.

Silver fell to USD 13.70/13.75 an ounce from USD 13.77/13.82 late in New York.

Following are the opening rates of spot silver and gold: Silver (per kg).999 fineness grade: Rs 18,520, Gold (per 10 gm): Gold 99.5 purity standard mint : Rs 9,745, Gold 99.9 purity pure Gold Rs 9,790.

UNI