Gold rules firm for 3rd day at Rs 27,585; silver recovers

Gold prices continued to rule firm at the bullion market on Tuesday on persistent local demand coupled with higher global cues, while silver recovered on fresh demand from stockists.

Standard gold (99.5 purity) moved up further by Rs 255 to close at Rs 27,585 per 10 grams from the yesterday’s closing level of 27,330.

Pure gold (99.9 purity) also hardened by a similar margin to end at Rs 27,735 per 10 grams from Rs 27,480 previously.

Silver (.999 fineness) recouped by Rs 835 per kg to finish at Rs 39,575 from Rs 38,740.

In the overseas market, gold prices snapped back today after ending the pre-holiday session higher but with a seventh straight weekly decline, its longest such losing streak in more than 12 years.

Gold futures for February delivery went up by USD 10.90, or 1 per cent, at USD 1,144.50 in light volume.