Buying activity in silver gathered momentum as the metal prices rose in global markets while sluggish local demand and weak trend in overseas market pull down gold prices.

Trading sentiments remained firm as gold gained on concerns about Europe's debt crisis and signs that the US economy is slowing, boosting demand for the yellow metal.

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Trading sentiments improved after gold rose in global markets as weakening stocks and commodities spurred the demand for the metal as safer assets.

Traders attributed the rise in the yellow metal's prices to buying by retailers to meet the ongoing marriage season demand along with a firming global trend.

Gold and silver fell due to a weakening global trend and slackened spot demand. While gold declined by by Rs 240 to Rs 22,230 per 10 grams, silver took a plunge of Rs 540 to Rs 54,410 per kg.

Silver is typically more volatile than gold. During crisis years, such as 2008, gold outperformed silver. However, during recovery periods silver tends to outperform gold as industrial demand pick up and investments pour in.

Both the precious metals, gold and silver, recovered sharply on the bullion market on Friday, buoyed by a firm global trend.

Oil prices shot up to over $100 per barrel in New York as strife in Libya, Bahrain and other oil producing countries in the West Asia show no signs of ending.

The precious metal declined Rs 30 per 10 grams to Rs 20,370, while silver gained Rs 200 per kg due to fall in demand at existing high levels and sustained buying.

Trading sentiment turned better, as retail customers entered the market to make token purchases for the Diwali, while jewellers stocked up to meet the marriage season demand.

Marketmen said demand from industrial units and coin-makers helped silver prices rise. On the On the other hand, fresh selling by stockists led to fall in gold prices.

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