Both the precious metals, gold and silver, bounced back on the bullion market here on Monday on renewed demand from stockists in view of marriage season amid rise in global markets.
In the local market, standard gold (99.5 purity) rose by Rs 185 per ten grams to Rs 12,375 from the last weekend's level of Rs 12,190.
Pure gold (99.9 purity) also jumped by Rs 180 per ten grams to Rs 12,430 from Rs 12,250.
Silver ready (.999 fineness) moved up by Rs 310 per kilo to Rs 16,835 from Rs 16,525.
Gold prices surged in London, helped by higher oil, a lower dollar and investor concern about inflationary pressures given the large amounts of money being pumped into the global economy.
Spot gold rose by nearly three per cent to $776.70 an ounce and was up at $773.90/775.90 an ounce from $754.60 in New York on last Friday.
Spot silver also rose by five per cent to $9.91 an ounce and was quoted at $9.84/9.82 an ounce from $9.45 an ounce.
