Silver, gold open low on weak advice
Mumbai,
Nov
20:
Spot
silver
and
gold
today
opened
softer
with
silver
easing
by
Rs
350
per
kg
and
gold
by
Rs
105
per
ten
gm
from
their
last
close
on
sustained
heavy
offers
from
stockists
induced
by
bearish
advice
from
global
markets,
traders
at
the
Bombay
Bullion
Association
said.
Reports from Singapore markets said gold extended losses on Tuesday and hovered near its lowest level in more than three weeks as investors, concerned about the health of the U S economy, avoided riskier investment.
Spot gold fell to USD 777.30/777.90 an ounce from USD 780.10/780.90 late in New York on Monday when it hit an intraday low of USD 774.90 on stock-market jitters and investor risk aversion.
The benchmark October 2008 gold futures on the Tokyo Commodity Exchange fell 57 yen per gram to 2,772 yen due to a firmer yen.
Asian stocks fell on Tuesday as investors dumped bank shares amid worries that the financial sector would be hit by further credit losses following a broker downgrade of Citigroup.
Silver fell to USD 14.17/14.22 an ounce from USD 14.22/14.27 late in New York which impacted the downward trend in the domestic prices, dealers pointed out.
Following are the opening rates of spot silver and gold: Silver (per kg).999 fineness grade: Rs 18,980, Gold (per 10 gm): Gold 99.5 purity standard mint Rs 9,965, Gold 99.9 purity pure Gold Rs 10,010.
UNI