Gold surges Rs710 to top Rs28,000-level

New Delhi, February 9

Gold prices today regained the Rs 28,000-mark by soaring Rs 710 —its biggest single-day surge this year — to trade at its highest level in over one year on bullish trend in global markets and buying by jewellers. The precious metal had gained Rs 825 in the past eight days.

Depreciating rupee against the dollar that made the imports costlier and shifting of funds from weakening equity to bullion also supported the upside.

Traders said sentiment got a boost after gold rallied for an eighth straight day topping $1,200 an ounce for the first time since June in global markets as increased concern about the state of the global economy hurt equity markets and boosted demand for safe haven assets.

Globally, gold rose 0.5% to $1,195.66 in Singapore. The metal jumped to $1,200.97 an ounce yesterday, the highest since June 22. PTI