Gold prices on Wednesday rose by Rs 310 to a record-level of Rs 14,550

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per 10 gm on the bullion market here on frantic buying by jewellery fabricators to meet current marriage season demand amid firming global trends.

Silver ready surged by Rs 1,150 to close at Rs 20,400 per kg and weekly-based delivery by Rs 400 to Rs 20,620 per kg on heavy buying by stockists and industrial units.

Marketmen said gold rose to a new high on heavy buying by jewellers in view of strong marriage season demand.

The surge was backed by reports of gold advancing in overseas markets as the deteriorating global economy is lifting demand for the commodity as a safe-haven, they added.

Standard gold and ornaments surged by 310 each to Rs 14,550 and Rs 14,400 per 10 gm respectively and sovereign gained Rs 50 to Rs 11,150 per piece of 8 gm. Silver coins also traded higher by Rs 200 at Rs 28,100 for buying and Rs 28,200 for selling of 100 pieces in line general firming trend.

Meanwhile, gold advanced for a second day in London on speculation government measures won’t immediately improve the global economy, raising demand for the metal as a store of value. Platinum gained to a four-month high.

Bullion for immediate delivery gained as much as $12.54, or 1.4 per cent, to $927.65 an ounce and traded at $926.25 by 1:11 pm local time. April futures climbed $12.20, or 1.3 per cent, to $926.40 in electronic trading on the Comex division of the New York Mercantile Exchange.

The metal rose to $922 in the morning “fixing” in London, used by some mining companies to sell production, from $909.75 at Tuesday’s afternoon fixing. Platinum for immediate delivery advanced as much as $26.50, or 2.6 percent, to $1,061.75 an ounce.