New Delhi: Gold prices zoomed to yet another record of Rs 24,770 per 10 grams by adding Rs 420 in the national capital on Saturday on frantic buying by stockists and investors, driven by a firming trend overseas.

On the other hand silver held steady at Rs 58,600 per kg on reduced offtake at prevailing high levels.

Sentiments remained bullish as gold climbed USD 14.60 to USD 1,663.40 an ounce in global markets following turmoil in financial markets on concern that the US economic recovery faltering and the European sovereign-debt concern, boosting the demand for the metal as a protection of wealth.

Besides, emergence of buying by retailers for the ongoing festival season amid shifting of investor's fund from melting equities to surging bullion further influenced the market.

On the domestic front, gold of 99.9 and 99.5 per cent purity jumped by Rs 420 each to an all-time high of Rs 24,770 and Rs 24,650 per 10 grams, respectively.

Sovereigns followed suit and shot up by Rs 300 to a new peak of Rs 19,600 per piece of eight grams.

On the other hand, silver ready held steady at Rs 58,600 per kg, while weekly-based delivery fell by Rs 420 to Rs 58,375 per kg on profit-booking by speculators.

Silver coins remained in demand due to the festive season and gained Rs 500 to Rs 64,000 for buying and Rs 64,500 for selling of 10 pieces.

Gold extends rally to touch new highs

Gold prices extended their rally and scaled new records at the domestic bullion market here on Saturday on sustained buying by investors and traders despite lower global cues.

Silver, however, moved down further on continued speculative selling amidst weak industrial offtake.

Standard gold (99.5 purity) zoomed by Rs 365 per 10 grams to finish at Rs 24,535 from Friday's close of Rs 24,170.

Pure gold (99.9 purity) shot up by Rs 370 per 10 grams to end at Rs 24,650 from Rs 24,280 on Friday.

Silver ready (.999 fineness) went down by Rs 120 per kg to conclude at Rs 59,280 from overnight close of Rs 59,400.

"The support the yellow metal is getting as prime investment bet was due to highly volatile international markets and the late night downgrading of the US economy to AA+ from AAA by rating agency Standard and Poor's," traders said.

In New York, gold prices oscillated between gains and losses and finally settled lower on the back of better job data, but investors are still concerned over recession.

Gold for December delivery declined by USD 7.20 to USD 1,651.80 an ounce on the Comex division of NYMEX.

Silver for September delivery lost USD 1.22 to USD 38.21 an ounce.

(Agencies)