Precious metals recover on bullish advice

Mumbai, Nov 21: Spot silver and gold today recovered in the opening session with silver rising by Rs 280 per kg and gold by Rs 180 per ten gm from their last close on heavy demand from retailers, traders at the Bombay Bullion Association said.

Reports from Singapore markets said that gold regained the psychological level of USD 800 and rose to its highest in nearly a week yesterday as the dollar held near record lows against the euro and crude oil rallied above USD 98 a barrel.

Spot gold hit an intraday high of USD 804.20 an ounce before dipping to USD 802.80/803.60 an ounce, still higher than USD 793.90/794.70 an ounce late in New York.

Silver rose to USD 14.68/14.73 an ounce from USD 14.61/14.66 late in New York.

Following are the opening rates of spot silver and gold: Silver (per kg).999 fineness grade: Rs 19,435, Gold (per 10 gm): Gold 99.5 purity standard mint Rs 10,240, Gold 99.9 purity pure Gold Rs 10,290.

UNI