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The duo finished up with silver for their efforts after posting a six-dive total of 399.36, with Aussies Domonic Bedggood and Matthew Mitcham scoring 399.54 to seal first on the podium.
It was a significant triumph for Mitcham, in particular, who became a Commonwealth champion for the first time having won six consecutive silvers at the Games - four in Delhi in 2010, two in Glasgow this year.
The absence of a bronze medal in tonight's platform event placed added pressure on all four pairs to deliver, and Team England had work to do in order to secure a top-two finish heading into the sixth and final dive.
Daley and Denny came to the fore in timely fashion, though, scoring a final-best 95.46 with an excellent last round to give Australia a major question to answer if they were to win gold.
However, Bedggood and Mitcham proved equal to the task, hitting back with an 88.56 of their own to seal the slender win.