Silver and Gold open low on bullish advice

Mumbai, Oct 27: Precious metals declined on Monday, Oct 27 in the opening trade, with silver falling by Rs 130 per kg and gold by Rs 80 per ten gm on sustained heavy selling pressure from industrial users, traders in the Bombay Bullion Association said.

Silver opened at Rs 17,360 per kg, while gold at Rs 11,950 per ten gm. In Asian markets, however, a reverse trend was seen as gold was quoted higher at USD 734.95/734.98 (USD 731.50/732.25), while silver at USD 9.38/9.39 an ounce (USD 8.63/8.65), a Singapore market report said. Precious metals improved in Asian market, as investors sought more safe havens amid concerns that Asian stocks were set to fall, the report stated. Following were the opening domestic spot rates: Silver (per kg) 999 fineness grade: Rs 17,360 Gold (per 10 gm): 99.5 purity standard mint: Rs 11,950 99.9 purity pure gold: Rs 12,010.

UNI