Gold prices recovered smartly at the bullion market here on Friday on hectic buying by stockists and investors at existing lower levels.

Silver also surged on heavy speculative as well as industrial demand.

Standard gold (99.5 purity) rose by Rs 180 to end at Rs 31,350 per 10 gm from Thursday’s closing level of Rs 31,170.

Pure gold (99.9 purity) gained Rs 210 to settle at Rs 31,500 per 10 gm from Rs 31,290.

Silver ready (.999 fineness) shot up by Rs 520 per kg to finish at Rs 62,140 as compared to Rs 61,620 yesterday.

“The fall in yellow metal prices, which touched three- week low in overnight trade, set off good local buying amid festivities,” traders said.

In Europe, gold rose as budget launch from Spain lifted the euro, though a retreat in stock markets on uncertainty over hovering Spanish bank stress tests capped gains.

Spot gold was bid up at $1,779.69 an ounce (28.35 grams) in early trade, while spot silver was bid higher at $34.69 an ounce.

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