Precious metals surge ahead

Mumbai, Oct 19: Both the precious metals in the opening session today surged ahead as Silver edged up by Rs 105 per kg from its previous close of Rs 18,435 owing to good demand from retailers while gold shot up by Rs 135 per ten gm from its previous close of Rs 9,780, traders at the Bombay Bullion Association said.

Traders received reports from Tokyo market that Gold rose to a 28-year high on Friday, driven by safe-haven buying on tensions between Turkey and Iraq and a weaker Dollar.

Cash gold rose to a fresh 28-year peak of USD 769.60 an ounce in early trade on Friday.

Silver was at USD 13.80/13.85 an ounce from USD 13.74/13.79 late in New York.

Following are the opening rates of spot silver and gold: Silver (per kg).999 fineness grade: Rs 18,540, Gold (per 10 gm): Gold 99.5 purity standard mint : Rs 9,915, Gold 99.9 purity pure Gold Rs 9,965.

UNI