Snapping the brief falling streak post Diwali, both gold and silver bounced back today, supported by retailers' buying at existing low levels to meet the demand for ongoing wedding season amid a firming global trend.
While gold recovered by Rs 230 to Rs 27,770 per 10 grams, silver rose by Rs 450 to Rs 56,700 per kg on pick-up in demand from retailers and industrial units.
A firming trend in Asian region on renewing concern over the Eurozone sovereign debt crisis also boosted demand for the precious metals as an alternate investment, they said.
Gold in global markets, which normally sets the price trend on the domestic front, gained 0.5% to $1,724.05 an ounce in Singapore.
On the domestic front, gold of 99.9 and 99.5% purity recovered sharply by Rs 230 each to Rs 27,770 and Rs 27,630 per 10 grams, respectively. The metal had lost Rs 460 in the last two trading sessions.
Sovereigns rose by Rs 100 to Rs 22,100 per piece of eight grams.
Similarly, silver ready rose by Rs 450 to Rs 56,700 per kg, after losing Rs 2,050 in the previous two days. Silver weekly-based delivery followed suit and moved up by Rs 485 to Rs 56,785 per kg.
However, silver coins held steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces in limited deals.