Silver rises to Rs54,300, gold up by Rs75 on global cues

Both the precious metals gold and silver recovered today on renewed buying by stockists, amid firm global cues. While silver surged Rs800 to Rs54,300 per kg, gold rose by Rs75 to Rs21,195 per 10 grams.

Trading sentiments turned better after gold rose the most in a week in global markets on rising demand as investment haven after tensions mount in Libya and protests spread to Saudi Arabia.

In global markets, gold rose by $9.30 to $1,421.80 an ounce, the biggest gain since March 4 and silver by 2.5% to $35.93 an ounce.

Besides, stockists and jewellers buying for the ongoing marriage season further fuelled the market sentiments.

On the domestic front, silver ready staged strong come back and surged by Rs800 to Rs54,300 per kg. It had lost Rs1,100 yesterday. Silver weekly-based delivery followed suit and shot up by Rs920 to Rs54,010 per kg.

Silver coins jumped up by Rs700 to Rs58,700 for buying and Rs59,200 for selling of 100 pieces.

In line with the general firming trend, gold of 99.9 and 99.5% purity rose by Rs75 each to Rs21,195 and Rs21,075 per 10 grams, respectively. The metal had lost Rs200 in previous trade. However, sovereigns, remained stable at Rs17,450 per piece of eight grams in limited deals.