Both the precious metals, gold and silver, staged a strong comeback and recovered sharply on the bullion market on Saturday on fresh buying by stockists after a steep fall in the previous session amid firming global trend.
While gold shot up by Rs 405 to Rs 29,905 per 10 gm, silver rose by Rs 895 to Rs 54,650 a kg on increased offtake by industrial units.
Sentiment turned better after gold gained in global markets on easing euro zone debt crisis following expectations that Spain likely to receive emergency assistance.
Gold in global markets, which normally set price trend on the domestic front, rose by $6.20 to $1594.70 an ounce in New York last night.
In addition, fresh buying by stockists and retailers at prevailing lower level after a steep fall in the previous session also supported the uptrend.
On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 405 each to Rs 29,905 and Rs 29,705 per 10 gm, respectively. It had lost Rs 900 in last two days.
Sovereign followed suit and rose by Rs 100 to Rs 24,000 per piece of eight gram.
Silver ready recovered by Rs 895 to Rs 54,650 a kg while weekly—based delivery remained under selling pressure and lost Rs 300 to Rs 54,250 a kg.
Silver coins spurted by Rs 2000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.