Silver recovers on fresh buying, gold rebounds

Mumbai: Silver prices recovered sharply to a new high at the bullion market on hectic speculative buying amid industrial demand, despite subdued global trend.

The yellow metal too, rebounded owing to heavy marriage seasonal offtake coupled with good investment buying.

Silver ready (.999 fineness) jumped by Rs 730 per kg to end at Rs 50,610 from Friday`s closing level of Rs 49,880.

Standard gold (99.5 purity) rose by 100 per 10 grams to close at Rs 20,845 from Rs 20,745 on Friday.

Pure gold (99.9 purity) also gained Rs 100 to finish at Rs 20,945 per 10 grams as compared to Rs 20,845 previously.

In New York, gold for April delivery fell by USD 6.50 to USD 1,409.30 an ounce at the Comex Division of NYMEX yesterday.

March silver shed 27 cents to USD 32.90 an ounce.