Precious metals recover as better buying support

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Mumbai, Dec 10: The precious metals recovered today in the opening session with Silver improving slightly by Rs 35 per kg and Gold by Rs 30 per ten gm owing to better buying support from their last close, traders at the Bombay Bullion Association (BBA) said.

Reports from Singapore market said that Gold bounced on bargain hunting today after a drop of around 1 per cent last week, but the metal was likely to trade in a tight range ahead of a decision by the US Federal Reserve on interest rates.

Spot Gold rose to USD 798.50/799.30 an ounce from USD 794.90/795.70 late in New York on Friday, when it fell more than USD 8 an ounce on the back of weaker crude oil.

Gold has been stuck in a tight range in recent days ahead of the Fed rate decision tomorrow, and some investors were cautious after data showing steady US job growth cooled expectations of a large cut in key interest rates.

''Gold is consolidating within the range of USD 785 to USD 805. Market participants are just waiting for the rate cut announcement before taking any action,'' William Kwan, a dealer at Phillip Futures in Singapore, said.

Silver rose to USD 14.36/14.41 an ounce from USD 14.33/14.38 an ounce.

Following are the opening rates of spot silver and gold: Silver (per kg).999 fineness grade: Rs 19,075, Gold (per 10 gm): Gold 99.5 purity standard mint Rs 10,200, Gold 99.9 purity pure Gold Rs 10,250.


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