Gold, silver bounce back on strong global cues

Mumbai, Feb 4 (PTI) Gold and silver prices bounced backsmartly at the bullion market here today on fresh buyingsupport from speculators and stockists triggered by sharprebound in global markets.

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

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

Pure gold (99.9 per cent purity) also surged by a similarmargin of Rs 240 per 10 grams to finish at Rs 20,165 from Rs19,925 over its previous close.

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

Gold futures for April delivery added by USD 20.90 to USD1,353.00 an ounce on the Comex division of the NYMEXyesterday.

March silver also gained by 44 cents to USD 28.73 anounce.