Gold, Silver resumes firm on fresh demand

Mumbai, Jan 02: Precious metals rose today as Silver and Gold edged up by Rs 75 per kg and Gold by Rs 35 per ten gm respectively, as a result of fresh demand by local ornament dealers in the opening trading session, dealers at the Bombay Bullion market said.

Report from Singapore market stated that Gold bounced today after volatile trade at the end of 2007, and dealers said the market's outlook remained bullish on the back of a struggling US Dollar and tensions in Pakistan due to the metal's safe-haven appeal. Spot gold rose to USD 838.30/839.50 an ounce from USD 832.70/833.50 an ounce yesterday, when it dropped more than USD 5 after hitting its best level in seven weeks at USD 843.20 an ounce -- not far from a record high of USD 850 hit in 1980.

Silver rose to USD 14.84/14.89 an ounce from USD 14.77/14.82 late in New York.

Following are the opening rates of spot silver and gold: Silver (per kg) 999 fineness grade : Rs 19,555 Gold (per 10 gm) Gold 99.5 purity standard mint : Rs 10,685 Gold 99.9 purity pure gold : Rs 10,735

UNI