Gold hits record high of Rs 29,265

New Delhi: Gold prices Saturday surged by Rs 175 to touch an all-time high of Rs 29,265 per 10 grams in the bullion market here on rising seasonal demand amid a firming global trend. Silver also jumped up by Rs 800 to Rs 57,850 per kg.

Traders said gold spurted on heavy buying by stockists and jewellery makers to meet the ongoing marriage season demand amid a firming overseas trend as concerns about Europe`s debt crisis boosted the demand for the metal as a protection of wealth.

In New York, gold shot up by USD 6.60 to USD 1,765 an ounce. Back home, gold of 99.9 and 99.3 per cent purity shot up by Rs 175 each to Rs 29,265 and Rs 29,125 per 10 grams, respectively. Sovereign rose by Rs 850 to Rs 23,300 per piece of eight grams.

Likewise, silver also climbed on brisk buying by industrial units. Silver ready jumped up by Rs 800 to Rs 57,850 per kg and weekly-based delivery by Rs 825 to Rs 57,750 per kg. Silver coins shot up by Rs 1,000 to Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.