Marketmen said silver prices shot up in the international market on sustained purchases by stockists. Gold also managed to seek buyers support and later recovered, they said. In overseas markets, silver made a remarkable jump in just one week time on brisk buying. It was traded at 509 US cents on January 27 and continued to rise in day-to-day trading to touch 576 cents today.

Traders said silver gained 23 cents overnight on heavy fund buying, as traders believe that the high lease rates of silver in London were said to be as high as 5 per cent. Gold in Hong Kong market bounced up by $ 2.95 at $ 290 an ounce on heavy buying by Japanese and Australian traders following gains sparked off by currency movements.

They said with the international prices of gold being quotedin US dollars, gold became cheaper for Asian buyers with local currencies strengthening and they indulged in purchases.

In Mumbai, ready silver (.999 fineness) started sharply higher at Rs 8395 and rallied further to close at Rs 8340, showing a big jump of Rs 205 over the last close of Rs 8135. Raw silver (.916 fineness) zoomed by Rs 155 to Rs 8215 from Rs 8060 and tenderable silver hardened to Rs 8345 from the last close of Rs 8140.

Standard gold rose by Rs 10 to close at Rs 4355 from the previous close of Rs 4345. 22-carat gold was nominally quoted higher at Rs 4030 from Rs 4020 and ten-tola gold bar (.999 purity) shot up to Rs 51,300 from yesterday's close of Rs 51,000.