Silver, gold ease in opening session

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Mumbai, Oct 30: Spot rate of silver and gold plunged today in the opening session, as silver slashed by Rs 65 per kg while gold by Rs 100 per ten gm on lack of fresh demand, traders at the Bombay Bullion Association said.

Traders received report from Tokyo market that gold was weaker on Tuesday after rallying to its loftiest level in 28 years the previous day, on record-high oil and a tumbling Dollar, while silver extended gains to an 8-month high on fund buying.

Spot gold fell to USD 785.20/786.00 an ounce from USD 788.90/789.70 late in New York. Gold rallied to USD 794.40 an ounce on Monday -- its best level since January, 1980.

Silver hit an intra-day high of USD 14.51 an ounce, its best level since late February, as it caught up with gold's gains. It later dipped to USD 14.36/14.41 an ounce, lower than New York's USD 14.39/14.44 an ounce.

Following are the opening rates of spot Silver and Gold: Silver (per kg).999 fineness grade: Rs 19,145, Gold (per 10 gm): Gold 99.5 purity standard mint Rs 10,035, Gold 99.9 purity pure Gold Rs 10,085.


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