Precious metals move up on bullish advice

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Bullion

Mumbai, Jan 3: Precious metals rose further today as silver and gold inched up by Rs 280 per kg and Rs 190 per ten gm respectively. The precious metals rose owing to better buying support by local ornament dealers in the opening trading session, dealers at the Bombay Bullion market said.

Report from Singapore market said that gold stabilised today, hovering near a record high above USD 861 an ounce hit the previous day, as record high crude oil price triggered fears of inflation and a possible recession in United States.

Spot gold was at USD 855.10/855.90 an ounce, steady from USD 855.70/856.50 an ounce late in New York.

Silver eased to USD 15.16/15.21 an ounce from USD 15.17/15.22 late in New York.

Though the precious metals surged in domestic market because of fresh buying support, in international market, silver declined.

Following are the opening rates of spot silver and gold: Silver (per kg) 999 fineness grade : Rs 19,915 Gold (per 10 gm) Gold 99.5 purity standard mint : Rs 10,950 Gold 99.9 purity pure gold : Rs 10,995.

UNI

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