New Delhi, May 9 (PTI) Both the precious metals, silver and gold, strengthened today on stockists and speculators buying in line with a firming global trend and rising seasonal demand. While silver gained Rs 500 to Rs 56,000 per kg, gold rose by Rs 70 to Rs 22,270 per 10 grams.
Buying activity gathered momentum on a firming global trend, after silver rebounded from its worst weekly slump since at least 1975 on speculation investors returning to commodity markets and the dollar weakened.
Silver in global markets, which normally sets a price trend on the domestic front, jumped 2.9 per cent to USD 36.31 an ounce after plunging 27 per cent last week and gold rose by 0.6 per cent to USD 1,504.80 an ounce.
Besides, pick up in buying by retailers and stockists for the ongoing marriage season further fuelled the uptrend.