Gold, silver bounce back sharply on global cues

Mumbai: After a four-day lull, both the precious metals gold and silver recovered smartly at the bullion market here on Tuesday on emergence of fresh buying spree by stockists and speculators at existing levels on bullish overseas cues.

"Stockists and jewellers are once again in buying mood keeping in mind the marriage season after the end of the 15-day period after `Makar Sankranti` which is considered `inauspicious` by many for taking wedding vows," traders said.

Silver ready (.999 fineness) jumped by Rs 530 per kg to close at Rs 45,010 from overnight closing level of Rs 44,480.

Standard gold (99.5 per cent purity) spurted by Rs 75 per 10 grams to finish at Rs 20,280 from Rs 20,205 yesterday.

Pure gold (99.9 per cent purity) also rose by a similar margin to conclude at Rs 20,380 per 10 grams as compared to Rs 20,305 previously.

In Europe, gold moved up further on dollar weakness amidst uncertainty over Europe`s debt crises.

Spot gold was bid at USD 1,367.75 an ounce in early trade and spot silver gained to USD 28.73 an ounce.