Precious metals down on bullish advice

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Mumbai, Nov 12: Silver and Gold slashed today in the opening session as Silver slumped by Rs 241 per kg and Gold by Rs 191 per ten gm owing to poor buying support, traders at the Bombay Bullion Association said.

Report from Tokyo market stated that Gold fell by more than 1 per cent yesterday, as weaker crude oil and falling stock markets prompted investors to book profits from a recent rally to its best level since 1980.

Spot Gold fell to USD 816.40/817.10 an ounce, down from USD 832.30/833.10 an ounce late in New York on Friday, as investors covered margin calls due to losses triggered by weakness in global equity markets.

Silver fell to USD 15.11/15.18 an ounce from USD 15.47/15.52 an ounce in New York on Friday.

Following are the opening rates of spot Silver and Gold: Silver (per kg).999 fineness grade: Rs 19,880, Gold (per 10 gm): Gold 99.5 purity standard mint Rs 10,420, Gold 99.9 purity pure Gold Rs 10,470.


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