If you look at silver you can see that the current price is less than half of what the record high has been (at around $50).
Silver prices too surged by 6.7 percent and were trading at 821 USA dollars per kg on the Indian commodity exchange on expectations of a rebound in industrial activity as economies were relaxing lock-downs.
Spot gold was up 1% at $1,859.56 per ounce by 0713 GMT, after hitting its highest since September 2011 at $1,865.35 earlier in the session. USA gold futures were 0.9% higher at $1,859.60.
Gold rose more than 1% on Wednesday to its highest in almost nine years, driven by a softer dollar and as expectations of more stimulus to revive pandemic-hit economies lifted the metal's appeal as an inflation-hedge.
The US dollar gold price reached a nine-year high today and is now hovering at around the $1,856 mark.
"The drivers pushing the gold and silver prices higher are loose monetary policy and low real yields", Bhavik Patel, Senior Technical Research Analyst at Tradebulls Securities, told Financial Express Online.
Gold prices in India hit an all-time high on Wednesday, tracking global trends.
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"The gold prices are rising on sustained concerns over coronavirus and huge amount of liquidity infusion in the market to tackle the pandemic-induced slowdown".
A host of factors are set to boost gold prices further. "Global silver prices have surged to 2013 highs on back of concurrent gains in gold and industrial metals and strong investor buying as is evident from ETF (exchange traded fund) inflows". However, the increase in prices has further dampened the domestic gold jewellery demand, which is already at a historic low.
"The silver price is rising because of its duality as not only a valuable investment but also as an industrial metal ... interest in silver has risen to levels we have not seen in some time".
Gold and silver on Wednesday crossed Rs 50,000 and Rs 60,000 levels, respectively, in both physical and futures markets before clawing down a bit.
Investors have flocked to the metals on surging demand for havens amid a resurgence in virus cases, slowing growth, a weaker U.S. dollar and negative real interest rates in the US.
Stimulus measures by central banks have added to the momentum too.
Gains in the yellow metal to record high also were propelled by mixed and in fact marginal declining sentiment in the world equity markets.