Gold, silver bounce back sharply on global cues

Mumbai, Jan 18 (PTI) After a four-day lull, both theprecious metals gold and silver recovered smartly at thebullion market here today on emergence of fresh buying spreeby stockists and speculators at existing levels on bullishoverseas cues.

"Stockists and jewellers are once again in buying moodkeeping in mind the marriage season after the end of the15-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 toclose at Rs 45,010 from overnight closing level of Rs 44,480.

Standard gold (99.5 per cent purity) spurted by Rs 75 per10 grams to finish at Rs 20,280 from Rs 20,205 yesterday.

Pure gold (99.9 per cent purity) also rose by a similarmargin to conclude at Rs 20,380 per 10 grams as compared to Rs20,305 previously.

In Europe, gold moved up further on dollar weaknessamidst uncertainty over Europe''s debt crises.

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