New Delhi: Both the precious metals, gold and silver, bounced back on Wednesday, on fresh buying by stockists to meet their requirements for the ongoing marriage season amid a firming global trend. While gold rose by Rs 160 to Rs 29,300 per 10 grams, silver shot up by Rs 700 to Rs 56,400 per kg.

The trading sentiment turned better as gold gained in global markets on speculation that European leaders are making progress in containing the debt crisis.

Gold in global markets, which normally sets the price trend on the domestic front, advanced by 0.2 per cent to USD 1,731.28 an ounce in Singapore.

In additions, fresh buying by stockists and jewellers for the ongoing marriage season also supported the uptrend in the precious metals.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 160 each to Rs 29,300 and Rs 29,160 per 10 grams, respectively. The metal had lost Rs 300 on Tuesday.

However, sovereigns remained stable at Rs 23,350 per piece of eight grams in limited deals.

In a similar fashion, silver ready shot up by Rs 700 to Rs 56,400 per kg and weekly-based delivery by Rs 800 to Rs 57,200 per kg, while silver coins held steady at Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.