Silver, gold open firm on bullish global advice
Mumbai,
Dec
13:
Silver
and
gold
opened
higher
by
Rs
55
per
kg
and
Rs
60
per
ten
gm
respectively
today
from
their
last
close
on
fresh
buying
support
from
local
dealers,
and
despite
the
bearish
advice
from
global
markets,
traders
at
the
Bombay
Bullion
Association
(BBA)
There
was
lack
of
offers
from
stock-holders
because
of
less
stocks
arrival
from
upcountry
centres.
Reports from Tokyo said gold had eased a touch on Thursday as the market digested news of plans to improve liquidity in financial markets, announced the previous day by the U.S.
Federal Reserve and other central banks: The Fed on Wednesday announced the creation of a temporary short-term lending facility to ease credit market strains in concert with market-calming actions by the European Central Bank and the central banks of Canada, England and Switzerland.
The news came on the heels of the Fed's decision for a modest cut in interest rates, which had led to a sharp decline in gold futures in after-hours electronic trade on Tuesday as disappointment spread among precious metals investors.
Spot gold was at USD 809.50/811.20 at Tokyo bullion market compared to USD 813.50/814.20 in late New York the previous day.
Similarly, silver fell to USD 14.60/14.65 an ounce from USD 14.64/14.69, which did not impact the domestic prices, traders pointed out.
Following are the opening rates of spot silver and gold: Silver (per kg) .999 fineness grade: Rs 19,255, Gold (per 10 gm): Gold 99.5 purity standard mint Rs 10,345, Gold 99.9 purity pure Gold Rs 10,395.
UNI