Precious metals ease further on bullish advice

Mumbai, Jan 16: Both the precious metals fell further today with silver's decline by Rs 120 per kg and gold by Rs 185 per ten gm on lack of demand in the opening session, dealers at the Bombay Bullion market said.

Reports from Singapore market said that gold extended losses today after a failure to hit new record high the previous day triggered selling from investors, while a firm Japanese yen put pressure on Tokyo futures.

Spot gold fell to USD 895.75/896.75 an ounce from USD 899.50/900.20 late in New York. Gold rallied to USD 913.80 yesterday, just below a record high of USD 914 hit earlier this week, before taking a breather on signs the credit market melt down could take a toll on global growth.

Silver fell to USD 16.04/16.09 an ounce from USD 16.10/16.15 late in New York.

In international market as well as in domestic market, precious metals slashed today because of thin buying support, traders added.

Following are the opening rates of spot silver and gold in the Bombay Bullion market today: Silver (per kg) 999 fineness grade : Rs 20,600 Gold (per 10 gm) Gold 99.5 purity standard mint : Rs 11,340 Gold 99.9 purity pure gold : Rs 11,390.

UNI