Silver steady, gold rises on Bullish advice

Mumbai, Jan 8: Silver remained steady on moderate demand while gold improved by Rs 40 per ten gm amid increase in fresh demand, during the opening session today, dealers at the Bombay Bullion market said. Though in the international market silver improved slightly, in the domestic market it remained flat because of moderate demand on the second consecutive day.

Reports from Tokyo said that gold was supported today as oil prices recovered from the previous day, and the underlying bullish trend in the precious metals market continued to draw healthy fund inflows on price dips. Investment funds also want to hold gold amid lingering geopolitical tensions.

Some investors, though, sought to trim positions in riskier assets, including commodities, with the view that the situation in financial markets is still unstable given their concerns about the outlook of the US economy, particularly after last week's poor jobs data.

Spot gold changed slightly at USD 860.00/860.80 an ounce from USD 859.70/860.40 late in New York. Silver rose to USD 15.18/15.23 an ounce from USD 15.12/15.17 late in New York.

Following are the opening rates of spot silver and gold: Silver (per kg) 999 fineness grade : Rs 19,845 Gold (per 10 gm) Gold 99.5 purity standard mint : Rs 10,970 Gold 99.9 purity pure gold : Rs 11,020.

UNI