Silver, Gold ease in opening session

Mumbai, Nov 8: Both the precious metals eased today in the opening session as Silver was down by Rs 695 per kg and Gold by Rs 60 per ten gm due to lack of demand, traders at the Bombay Bullion Association said.

A report from Tokyo market said that Gold fell yesterday after sharp price swings on the previous day, but underlying sentiment stayed bullish with investment funds looking to buy on dips due to a tumbling Dollar and record high oil prices.

Gold hit a 28-year high of USD 845.40 an ounce yesterday approaching a record high of USD 850 hit in January 1980, but heavy profit-taking kicked in by late European and US trade.

Silver dropped to USD 15.03/15.08 an ounce from USD 15.39/15.44 an ounce late in New York.

Silver touched its highest level in 27 years at USD 16.19 yesterday due to heavy inflows by investment funds.

Following are the opening rates of spot Silver and Gold: Silver (per kg).999 fineness grade: Rs 20,045, Gold (per 10 gm): Gold 99.5 purity standard mint Rs 10,625, Gold 99.9 purity pure Gold Rs 10,675.

UNI