BBA: Precious metals decline

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Mumbai, Jan 18: Both the precious metals fell today with silver easing by Rs 100 per kg and gold by Rs 85 per ten gm on poor buying support in the opening session, dealers at the Bombay Bullion Market said.

Reports from Singapore Market stated that gold steadied today after falling around 1 per cent in New York on the back of chart-based selling and a weaker oil but some dealers said the market was consolidating before charging higher again.

Spot gold was at USD 877.10/877.80 an ounce, hardly changed from USD 876.70/877.40 late in New York, yesterday.

Gold which hit a record high at USD 914 an ounce on Monday, was expected to trade in a range of USD 870 to USD 900 an ounce.

COMEX gold futures extended losses, with the most active February contract falling USD 1.3 an ounce to USD 878.9 an ounce.

Silver edged down to USD 15.85/15.90 an ounce from USD 15.87/15.92 an ounce.

Though in domestic market, gold and silver inched down but in international market silver showed negative trend however, gold remained unchanged on a weaker oil.

Following are the opening rates of spot silver and gold in the Bombay Bullion Market today: Silver (per kg) 999 fineness grade : Rs 20,355 Gold (per 10 gm) Gold 99.5 purity standard mint : Rs 11,155 Gold 99.9 purity pure gold : Rs 11,205.

UNI

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