Silver recovers to Rs 55,500, gold up by Rs 80 on global cues

Snapping its five-day long losing streak, silver recovered by Rs 2,300 to Rs 55,500 per kg today, while gold rose by Rs 80 to 22,200 per 10 grams on buying by stockists and retailers at attractive low levels, driven by a strong come-back in global markets.  

The white metal had lost Rs 16,000 in the last five trading sessions.

In global markets, gold shot up by $22.30 an ounce, while silver rose by 2.77% to $35.02 an ounce after government data showed growth in employment topped economists' estimates in April, bolstering confidence in the economy.

On the domestic front, silver, which remained under selling pressure during the week, recovered by Rs 2,300 to Rs 55,500 per kg and weekly-based delivery advanced by Rs 1,800 to Rs 54,900 per kg.

Silver coins also rose by Rs 3,500 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

Similarly, gold of 99.9 and 99.5% purity rose by Rs 80 each to Rs 22,200 and Rs 22,080 per 10 grams, respectively. Sovereigns, however, remained steady at Rs 18,300 per piece of eight grams.