Gold surges Rs 1,100 to Rs 80,400 per 10 gm

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. 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 $36 per ounce, or 1.33 per cent, to $2,735.30 per ounce. Silver quoted 1.42 per cent higher at $31.83 per ounce in the Asian market hours.