Gold, silver decline slightly: BBA

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Mumbai, Jan 15: Both the precious metals slightly declined today with silver moving down by Rs 5 per kg and gold by Rs 10 per ten gm on poor buying support in the opening session, dealers at the Bombay Bullion market said.

Though in the international market the precious metals surged, in domestic market it was slightly eased as silver edged by Rs 5 and gold by Rs 10 due to thin buying support, traders said. According to the Singapore market report, gold was firm today and held within sight of a historic high hit the previous day, reflecting investors' interest in the metal as the dollar dropped on the expectations of further US rate cuts.

Spot gold rose to USD 906.00/906.80 an ounce from USD 902.10/902.80 an ounce late in New York.

COMEX gold futures also hovered near a record high hit the previous day. The most active February contract gained USD 4.7 an ounce to USD 908.1 an ounce.

Silver rose to USD 16.41/16.46 an ounce from USD 16.31/16.36 late in New York, and off Monday's 27-year high of USD 16.58 an ounce.

Following are the opening rates of spot silver and gold in the Bombay Bullion market today: Silver (per kg) 999 fineness grade : Rs 20,845 Gold (per 10 gm) Gold 99.5 purity standard mint : Rs 11,565 Gold 99.9 purity pure gold : Rs 11,620.


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