Precious metals fall owing to poor buying support

Mumbai, Dec 14: Silver and gold fell by Rs 350 per kg and Rs 100 per ten gm respectively today in the opening session from their last close.
The precious metals fell owing to poor buying support from local dealers, traders at the Bombay Bullion Association (BBA) said.

Though the precious metals fell here, they moved up in the international market.

Reports from Tokyo said gold edged up above USD 800 an ounce today, but stayed under downward pressure following a sharp loss the previous day due to a recovery of the dollar.

Early rounds of short-covering pushed up cash gold after it lost about 2 per cent yesterday, but traders were unwilling to take large positions ahead of the year-end.

Spot gold rose to USD 802.00/802.75 an ounce as of 0054 GMT, from USD 797.10/797.80 late in New York yesterday.

Silver advanced to USD 14.14/14.19 an ounce from USD 14.08/14.13 late in New York.

Following are the opening rates of spot silver and gold in the Bombay Bullion Market today: Silver (per kg) .999 fineness grade: Rs 18,910, Gold (per 10 gm): Gold 99.5 purity standard mint Rs 10,235, Gold 99.9 purity pure Gold Rs 10,285.

UNI