Bullion logs rally on weak dollar

Bullion witnessed a good recovery rally yesterday - March silver closed up 13.1 cents at $14.025 per ounce, and gold pulled back to $630. The corresponding domestic closing figures were Rs 20,838/kg and Rs 9,267/10gms, respectively.

Bullion prices tend to vary inversely with the fortunes of the dollar, and no news is expected on the dollar front. Silver is supported at $13.80, $13.65, and $13.44, and faces resistance at $14.15, $14.25, and $14.37.Gold is supported at 623.70-621.20-617.60$ and faces resistance at 633.40-637.20-643.60, respectively.

MCX bullion opened flat, and is trading in a narrow range today. Gold opened at Rs 9,262/10gms and silver opened at Rs 20,825/kg.