Both the precious metals surpassed all the previous records to hit a new high today. While gold surged by Rs 200 to Rs 21,420 per 10 grams on rising seasonal demand, silver jumped by Rs 1,250 to Rs 54,450 per kg on heavy buying by stockists and industrial units, amid firm global cues.

Trading sentiment for the yellow metal turned bullish on heavy buying support, following turmoil in Libya, surging crude oil prices and shifting of funds from weak stock markets to bullion at the domestic front.

Globally, gold gained 0.5 per cent to $1,437.85 and silver increased 2.3 per cent to $36.40 an ounce, the highest level since February 1980.

Traders said a firm trend at the futures market also influenced the trading sentiment to some extent. With the precious metals moving closer to their record levels at the global front, domestic investors enlarged their positions to protect their wealth.

At the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 200 each to set a new peak of Rs 21,420 and Rs 21,300 per 10 grams, respectively.

Silver ready zoomed up by Rs 1,250 to Rs 54,450 per kg and silver weekly-based delivery skyrocketed by Rs 2,120 to set a new peak of Rs 54,420 per kg on speculative buying support. Silver coins also spurted by Rs 2,900 to their record levels of Rs 58,700 for buying and Rs 59,200 for selling of 100 pieces.

Sovereign, too, jumped by Rs 100 to Rs 17,500 per piece of eight grams.

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