Gold prices spurted to set a new closing peak at Rs 9,200 per 10 gram on the bullion market on Tuesday on aggressive buying by stockists and jewellery fabricators triggered by surging overseas trend.
The market commenced the day on a promising note, tracking the global trend as it touched $618.90 an ounce, the highest in more than 25 years as investors bought bullion to hedge against rising energy prices.
Crude oil traded near a record over $72 dollar a barrel in New York on concern a dispute over Iran's nuclear programme might disrupt oil supplies and spur inflation.
The undercurrent of the market was still bullish as the metal for future trade in June delivery rose $3.50 to $622.30 an ounce on the New York Mercantile Exchange.
Gold was in demand among retail customers for the ongoing heavy marriage season and helped in further lifting the prices.
Standard gold and ornaments gained Rs 150 each at Rs 9200 and Rs 9050 per 10 gram respectively. Sovereign was also higher by Rs 50 at Rs 7150 per piece of eight gram.
Silver, on the other hand, turned weak on stockists selling part of their holdings. Silver ready fell by Rs 50 at Rs 19,950 per kilo while weekly-based delivery shot up by Rs 180 at Rs 20,290 per kilo on speculative support.
Silver coins were unaltered at Rs 20,400 for buying and Rs 20,500 for selling of 100 pieces.
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