New Delhi: Gold prices recovered on the bullion market on Friday due to revival of buying by stockists triggered by firm overseas advices and closed higher by Rs 50 at Rs 9,850 per ten gram.
Trading activity boosted after reports that the metal in overseas markets rose as some investors judged that the metal's fall to a one-month low this week was overdone.
Slower-than-forecast growth in the US added to the appeal of the precious metal.
Gold in overseas markets, which normally sets price band here, was down 11 per cent since reaching a 26-year-high of 730.40 dollar an ounce on May 12, on concern a five-year rally may be over.
Last week's decline of 8 per cent was the biggest since 1990, making the gold more attractive.
Standard gold and ornaments gained Rs 50 each at Rs 9850 and Rs 9700 per ten gram respectively. Sovereign was unchanged at Rs 8050 per piece of eight gram.
Silver ready recovered by Rs 150 at Rs 19,400 per kilo and weekly-based delivery by Rs.210 at Rs 19,810 per kilo.
Silver coins were quoted at last level of Rs 22,800 for buying and Rs 22,900 for selling of 100 pieces.
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