Silver, gold decline further

Mumbai, Oct 31: Precious metals edged down further as silver slipped by Rs 95 per kg and gold by 30 per ten gm today in the opening session, because of sustained heavy selling pressure, traders at the Bombay Bullion Association said.

Traders received reports from Tokyo market that Gold extended losses on Wednesday ahead of a rate decision by the US Federal Reserve as speculators booked profits from this week's 28-year highs.

Spot gold fell to USD 778.20/778.90 an ounce from USD 781.25/781.85 late in New York on Tuesday. Gold rallied to its best level since January 1980 at USD 794.40 on Monday, on record-high crude oil and a tumbling Dollar.

Silver dipped to USD 14.13/14.16 an ounce from USD 14.18/14.22 late in New York on Tuesday, when it rallied to an 8-month high of USD 14.51 an ounce as it caught up with gold's gains.

Following are the opening rates of spot Silver and Gold: Silver (per kg).999 fineness grade: Rs 19,005, Gold (per 10 gm): Gold 99.5 purity standard mint Rs 9,995, Gold 99.9 purity pure Gold Rs 10,045.

UNI