Gold, silver bounce back on strong global cues

MUMBAI: Gold and silver prices bounced back smartly at the bullion market here on Friday on fresh buying support from speculators and stockists triggered by sharp rebound in global markets.

The yellow metal settled on a two-week high in New York in its overnight trade with escalating Egypt crises and a weakening Euro pulling up the metal again to the safe haven destination.

In domestic trade, standard gold (99.5 per cent purity) recouped by Rs 240 per 10 grams to end at Rs 20,065 from Thursday's closing level of Rs 19,825.

Pure gold (99.9 per cent purity) also surged by a similar margin of Rs 240 per 10 grams to finish at Rs 20,165 from Rs 19,925 over its previous close.

Silver ready (.999 fineness) jumped by Rs 705 per kg to close at Rs 44,690 from Rs 43,985 yesterday.

Gold futures for April delivery added by USD 20.90 to USD 1,353.00 an ounce on the Comex division of the NYMEX yesterday.

March silver also gained by 44 cents to USD 28.73 an ounce.

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