Silver, Gold moves up in opening session

Mumbai, Dec 11: Spot Silver and Gold today rose in the opening session with the white metal moving up by Rs 215 per kg and Gold by Rs 85 per ten gm from their last close because of heavy demand from retailers, traders at the Bombay Bullion Association (BBA) said.

Reports from Singapore market said that Gold dipped today but held above USD 800 an ounce on improving sentiments as credit market woes lingered, though investors were careful about taking large positions ahead of an anticipated rate cut by the Federal Reserve.

Spot Gold hit a high of USD 809.20 an ounce before slipping to USD 807.20/808.00 an ounce, down from USD 808.00/808.70 an ounce late in New York yesterday, when it gained more than 1 per cent on credit market turmoil and a weaker dollar.

Silver fell to USD 14.65/14.70 an ounce from USD 14.66/14.71 late in New York.

Though the precious metals increased in the local market, Silver fell in the international market.

Following are the opening rates of spot silver and gold: Silver (per kg).999 fineness grade: Rs 19,265, Gold (per 10 gm): Gold 99.5 purity standard mint Rs 10,300, Gold 99.9 purity pure Gold Rs 10,350.

UNI