New Delhi: Gold on Wednesday hit an all-time high by rising Rs 640 to Rs 24,330 per 10 grams on heavy buying by stockist, driven by a rally in overseas market. Silver also flared up on industrial demand and increased by Rs 1,500 to Rs 60,100 per kg.

Trading sentiments remained buoyant after gold rallied to an all-time high in Asia, as escalating concern that the global recovery may be losing momentum, drove investors to buy the yellow metal to protect their wealth.

Gold in global markets, which normally sets the price trend on the domestic front, surged to an all-time high of USD 1,671.82 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity spurted by Rs 640 each to Rs 24,330 and Rs 24,210 per, 10 grams, respectively, boosted by heavy buying by retail customers for the upcoming marriage season.]

Sovereigns followed suit and shot up by Rs 300 to a new peak of Rs 19,300 per piece of eight grams.

Similarly, silver ready spurted by Rs 1,500 to Rs 60,100 per kg and weekly-based delivery by Rs 2,030 to Rs 60,720 per kg. Silver coins shot up by Rs 1,000 to Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.