New Delhi: Gold prices on Friday surged by Rs480 to hit a two-week high of Rs28,680 per ten gram in Delhi bullion market, recording its second biggest single-day rise this year, tracking a firming global trend.

Besides, rising demand from jewellers and stockists also supported the upside, traders said. Silver also spurted by Rs800 to Rs46,000 per kg on increased offtake by industrial units and coin makers.

Sentiment turned better after gold traded at nearly four-month high in global markets, as concern over Europe’s economy and rising tension in the Middle East boosted safe-haven demand.

Gold in global markets, which normally sets price trend on the domestic front, rose by 0.2% to $1,338.99 an ounce in Singapore. The metal had rallied to $1,345.17 on Thursday, the highest since 19 March. Silver also rose 0.20% to $21.44 an ounce.

In Delhi, gold of 99.9 and 99.5% purity climbed by Rs480 each to Rs28,680 and Rs28,480 per ten gram, respectively, a level last seen on 26 June. Sovereign, however, held steady at Rs24,900 per piece of eight gram.

The precious metal had recorded its biggest single-day rise of Rs605 on 20 June this year. In a similar fashion, silver ready spurted by Rs800 to Rs46,000 per kg and weekly-based delivery by Rs1,095 to Rs46,140 per kg.

On the other hand, silver coins maintained a steady trend at Rs79,000 for buying and Rs80,000 for selling of 100 pieces in restricted buying activity.

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