New Delhi: Gold prices bounced back by Rs 120 to Rs 31,470 per 10 grams at the bullion market today backed by firm global cues and pick-up in buying by local jewellers.

Silver also gained Rs 150 to Rs 39,200 per kg due to increased offtake by industrial units and coin makers.

Marketmen said, besides a firm trend overseas as the dollar weakened against other currencies, raising appeal for the precious metal as a safe haven and pick-up in buying activity by local jewellers at the domestic spot market, mainly led to a rise in gold prices.

Globally, gold rose 0.54 per cent to USD 1,333.40 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 120 each to Rs 31,470 and Rs 31,320 per 10 grams, respectively. The precious metal had lost Rs 200 yesterday.

Sovereign, however, remained flat at Rs 24,800 per piece of eight grams in limited deals.

Silver ready also rose by Rs 150 to Rs 39,200 per kg and weekly-based delivery by Rs 15 to Rs 38,235 per kg.

Silver coins, however, continued to be enquired at last levels of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.  PTI