Precious metals zoom further on bullish advice

Mumbai, Jan 9: Both the precious metals zoomed further today with silver rising by Rs 315 per kg and gold by Rs 205 per ten gms in the opening session, dealers at the Bombay Bullion market said.

Meanwhile, gold also zoomed overseas and the yellow metal hit a historic high for the second straight day today as fresh funds from investors poured into the market, supported by a bearish outlook for the dollar and strong oil prices, reports from Tokyo market said.

Spot gold surged to a fresh record of USD 891.00 an ounce, surpassing the previous record of USD 881.10 reached yesterday after the market gained momentum as the key Japanese gold futures price hit their highest since March 1984.

Cash gold was trading at USD 890.60/891.40 compared with late New York levels of USD 878.10/878.90.

Silver rose to USD 15.82/15.87 an ounce from USD 15.70/15.75 late in New York.

Following are the opening rates of spot silver and gold in the Bombay Bullion market: Silver (per kg) 999 fineness grade : Rs 20,230 Gold (per 10 gm) Gold 99.5 purity standard mint : Rs 11,285 Gold 99.9 purity pure gold : Rs 11,340.

UNI