Gold, Silver decline in opening session

Mumbai, Aug 18: Both the precious metals declined on Monday, Aug 18 in the opening session, with silver slumping by Rs 1,785 per kg to Rs 20,560 and gold by Rs 280 per ten gm to Rs 11,400, on sustained heavy selling by ornament-makers, traders at the Bombay Bullion Association said.

In the international market a reverse trend was seen, as gold advanced on short-covering today, after a plunge last week, but weak energy prices and a strengthened dollar are expected to cap gains in the precious metals. Spot gold was trading up at USD 793.55/795.55 an ounce from USD 787.65/789.25, while silver rose to USD 13.13/13.19 an ounce from USD 12.74/12.84 late in New York on Friday, a market report from Tokyo said.

Following were the opening domestic spot rates: Silver (per kg) 999 fineness grade: Rs 20,560 Gold (per 10 gm): 99.5 purity standard mint: Rs 11,400 99.9 purity pure gold: Rs 11,470.

UNI