Silver, Gold declines on sluggish demand

Mumbai, Dec 6: The spot Silver and Gold fell today in the opening session by Rs 100 per kg and Rs 110 per ten gm respectively from their last close on sluggish demand by bulk consumers, traders at the Bombay Bullion Association (BBA) said.

Reports from Singapore market said that Gold held onto new New York levels but looked vulnerable after a firmer US Dollar sparked selling the previous day and pushed the price below the psychological level of USD 800 an ounce.

Spot Gold was at USD 795.20/796.00 an ounce from USD 795.50/796.20 late in New York yesterday, when it dropped more than USD 8 an ounce.

Key support was seen at USD 793 and some dealers said Gold will have to hold above USD 805 to sustain gains and probably revisit the 28-year high of USD 845.40 hit on November 7.

Silver rose to USD 14.24/14.29 an ounce from USD 14.19/14.24 late in New York.

Following are the opening rates of spot Silver and Gold: Silver (per kg).999 fineness grade: Rs 18,980, Gold (per 10 gm): Gold 99.5 purity standard mint Rs 10,160, Gold 99.9 purity pure Gold Rs 10,215.

UNI