Silver, gold open firm on bullish global advice

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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

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