Both silver and gold recovered in the bullion market today on emergence of buying by retailers and stockists for the ongoing marriage season amid firm global cues.
While silver staged a strong comeback by rising Rs 350 to Rs 43,350 per kg, gold recovered by Rs 40 to Rs 20,410 per ten grams on fresh buying.
Traders said retail customers and stockists indulged in buying for the ongoing marriage season, fearing the prices might go up further on firm overseas trends.
They said reports of Morgan Stanley raising gold price forecast for this year by 6 per cent to $1,400 an ounce, further fuelled the buying activity.
Meanwhile, gold in Asian region rebounded from the longest weekly losing streak since July as the fall prompted some investors to boost purchases.
The metal rose 0.8 per cent to $1,353.47 an ounce in Seoul and silver by 1.4 per cent to $27.89 an ounce after losing 3.4 per cent last week.
On the domestic front, the silver ready spurted by Rs 350 to Rs 43,350 per kg and weekly-based delivery by Rs 500 to Rs 43,200 per kg.
Silver coins rose by Rs 100 to Rs 48,500 for buying and Rs 48,600 for selling of 100 pieces on rising demand for the marriage season.
Gold of 99.9 and 99.5 per cent purity by Rs 40 each to Rs 20,410 and Rs 20,290 per ten grams, respectively. Sovereign, however, remained unchanged at Rs 16,800 per piece of eight grams in limited deals.
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