New Delhi | Gold prices surged Rs 1,100 to hit a two-week high of Rs 80,400 per 10 grams in the national capital on Friday due to persistent buying by jewellers and retailers during the ongoing wedding season, according to the All India Sarafa Association.
On Thursday, the precious metal of 99.9 per cent purity finished at Rs 79,300 per 10 grams.
Silver also climbed Rs 300 to Rs 93,300 per kg. It had closed at Rs 93,000 per kg in the previous session.
Price of gold of 99.5 per cent purity soared Rs 1,100, extending the gains for the second consecutive day to Rs 80,000 per 10 grams. The yellow metal had finished at Rs 78,900 per 10 grams on Thursday.
Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery climbed Rs 906, or 1.18 per cent, to trade at Rs 77,599 per 10 grams.
"Rising global unease pushed gold higher on Comex, and by Rs 900 on MCX, reaching Rs 77,600. This sharp recovery highlights gold's resilience and its role in balancing portfolios during uncertain times.
"With gold regaining lost ground, a bullish sentiment remains intact," Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities, said.
Silver contracts for December delivery jumped Rs 996, or 1.11 per cent, to Rs 90,921 per kg. During the day, the metal bounced Rs 1,288, or 1.43 per cent, to Rs 91,213 per kg on the MCX.
Globally, Comex gold futures rose USD 36 per ounce, or 1.33 per cent, to USD 2,735.30 per ounce.
Gold traders ignored US dollar strength amid increasing tensions between Russia and Ukraine that continues to fuel safe haven flows towards bullion, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Silver quoted 1.42 per cent higher at USD 31.83 per ounce in the Asian market hours.
"Investors focus now shifts on the upcoming US macroeconomic data, such as the preliminary GDP and core Personal Consumption Expenditures (PCE) due next week, while the recent US jobless claims data and a sharp jump in Bitcoin prices remains a headwind for gold price," Maneesh Sharma, AVP, Commodities & Currencies, Anand Rathi Shares and Stock Brokers, said.