Silver steady, gold rises on Bullish advice
Mumbai,
Jan
8:
Silver
remained
steady
on
moderate
demand
while
gold
improved
by
Rs
40
per
ten
gm
amid
increase
in
fresh
demand,
during
the
opening
session
today,
dealers
at
the
Bombay
Bullion
market
said.
Though
in
the
international
market
silver
improved
slightly,
in
the
domestic
market
it
remained
flat
because
of
moderate
demand
on
the
second
consecutive
day.
Reports from Tokyo said that gold was supported today as oil prices recovered from the previous day, and the underlying bullish trend in the precious metals market continued to draw healthy fund inflows on price dips. Investment funds also want to hold gold amid lingering geopolitical tensions.
Some investors, though, sought to trim positions in riskier assets, including commodities, with the view that the situation in financial markets is still unstable given their concerns about the outlook of the US economy, particularly after last week's poor jobs data.
Spot gold changed slightly at USD 860.00/860.80 an ounce from USD 859.70/860.40 late in New York. Silver rose to USD 15.18/15.23 an ounce from USD 15.12/15.17 late in New York.
Following are the opening rates of spot silver and gold: Silver (per kg) 999 fineness grade : Rs 19,845 Gold (per 10 gm) Gold 99.5 purity standard mint : Rs 10,970 Gold 99.9 purity pure gold : Rs 11,020.
UNI