Both precious metals, silver and gold, recovered on the bullion market on Saturday on emergence of buying by stockists amid firming global trend. While gold shot up by Rs. 120 to Rs. 22,865 per 10 grams, silver bounced back by Rs. 400 to Rs. 57,600 per kg.
Buying activity in the precious metals picked up as gold rose to a three-eek high overseas at $ 7.10 an ounce and silver gained 2.07 per cent to $37.96 an ounce as the dollar’s slump spurred the demand for the metals.
Additionally, some buying by retailers for the ongoing marriage season further supported the uptrend.
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On the domestic front, silver ready recovered by Rs. 400 to Rs. 57,600 per kg. It had lost Rs. 1,300 on Friday.
Silver weekly-based delivery moved up by Rs. 385 to Rs. 57,585 per kg, after losing Rs. 1,300 in the previous session.
However, silver coins remained steady at Rs. 66,000 for buying and Rs. 67,000 for selling of 100 pieces.
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In line with a general firming trend, the gold of 99.9 and 99.5 per cent purity shot up by Rs. 120 each to Rs. 22,865 and Rs. 22,745 per 10 grams. The metal had lost Rs. 75 in the last trading session.
Sovereigns also gained Rs. 50 to Rs. 18,700 per piece of eight grams.