Gold bounces back, up Rs 70 on firm global cues

New Delhi, Feb 26 (PTI) Gold rose by Rs 70 to Rs 21,170per 10 grams on the bullion market today, largely on stockistsbuying for the ongoing marriage season supported by firmglobal trends. Silver followed suit and shot up by Rs 750 toRs 50,250 per kg.

Trading sentiments for the yellow metal turned bullishafter it rose in global markets as unrest in Libya spurreddemand for the metal as an alternative investment.

Gold in global markets, which normally sets a price trendon the domestic front, rose by USD 7.50 to USD 1409.60 andsilver by USD 1.27 to USD 33.38 an ounce.

On the domestic front, gold of 99.9 and 99.5 per centpurity rose by Rs 70 each to Rs 21,170 and Rs 21,050 per 10grams respectively. The metal had lost Rs 140 in the previoustrading session.

Silver ready staged a strong come back and recorded heftygains of Rs 750 to Rs 50,250 per kg and silver weekly-baseddelivery by Rs 340 to Rs 49,670 per kg. Silver coins rose byRs 400 to Rs 54,500 for buying and Rs 54,600 for selling of100 pieces.

However, sovereign, continued to be asked around previouslevel of Rs 17,200 per piece of eight grams in restrictedbuying.