Yesterday, Precious metals closed with positive note in the Indian bullion market on the back of tracking the speculation that Portugal may need a bailout package similar to those in Greece and Ireland that boosted the investment appeals in the precious metals as a safe haven. Yield on existing 10 years debt in Portugal has increased more than 7% within past 62 days and country has scheduled to sell 1.25 billion Euros of 2014 and 2020 bonds today, which will be the first bond auction by any of the euro region's most-indebted countries in this year. Greece got bailout package within 17 days of its 10 year debt breaching 7% yield and Ireland rescued less than a month after reaching that level. Silver gained more than gold yesterday as industrial demand for silver was remain strong. China's vehicle sales jumped 32 percent to 18.06 million in 2010, the China Association of Automobile Manufacturers said on Monday. Demand for silver in India, where imports of the metal surged more than six fold in the first half of 2010, is increasing as investors seek an alternative to higher-priced gold, according to higher-priced gold, Ketan Shroff, managing director of Pushpak Bullions Pvt., said yesterday in a phone interview from Mumbai. Moreover, weaker dollar also attributed the rally in precious metals as US dollar depreciated yesterday against the major currencies after Japanese Finance Minister Yoshihiko Noda said it is appropriate time for his nation to buy euro-zone government bonds to support Ireland. At Multi Commodity Exchange (MCX), gold future for February contract closed on Tuesday at Rs. 20,429.00 per 10 grams, up by 0.07%, after opening at Rs. 20,430.00 against the previous close price of Rs. 20,414.00. It touched the intra-day high of Rs. 20,474.00 with a business volume of 31,611 lots. While, gold future for April contract closed at Rs. 20,637.00 per 10 grams, up by 0.05%, after opening at Rs. 20,660.00 against the previous close price of Rs. 20,626.00. At COMEX, Gold future for February contract closed Yesterday at $1,384.30 an ounce, gained $10.2 an ounce, after opening at $1,375.7 an ounce against the previous close price of $1,374.1. It touched the high of $1,386.8 an ounce. Moreover, Silver future for March contract closed at Rs. 44,850.00 per kg, up by 1.01%, after opening at Rs. 44,480.00 against the previous close price of Rs. 44,400.00. It touched the intra-day high of Rs. 45,040.00 with a business volume of 71,931 lots. While, silver future for May contract closed at Rs. 45,144.00 per kg, up by 1.04%, after opening at Rs. 44,750.00 against the previous close price of Rs. 44,678.00. It touched the intra-day high of Rs.45,315.00 with a business volume of 2,339 lots at MCX. At COMEX, silver future for January contract closed at $29.490 per troy ounce, up by 2.21%, after opening at $29.650 per troy ounce against the previous close price of $28.851 per troy ounce.

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