Precious metals recovered on the bullion market on revival of buying by stockists and investors amid diversion of some funds from the falling stock markets, and closed with notable gains.

Marketmen said a steep fall in stock markets left investors with no other option than to park their funds in precious metals and supported the uptrend.

They said a recovery trend in the international bullion markets where gold rose by over $2.50 to $398.40 an ounce influenced the sentiment to some extent.

Most of the buying was of speculative nature and might not last long, they added.

Standard gold and ornaments jumped up by Rs 35 each to Rs 5855 and Rs 5705 per 10 gram, respectively while sovereign held unchanged at Rs 4925 per piece of 8 gram.

Silver ready was in brisk demand and shot up by Rs 135 to Rs 9625 per kilo on hectic buying by investors and industrial units. Silver weekly-based delivery was down by Rs 95 to Rs 9535 per kilo as speculators refrained from enlarging their positions at such high levels.

Silver coins were unaltered at Rs 12,300 for buying and Rs 12,500 for selling of 100 pieces.