Gold at record level of Rs 78,000 due to strong global cues, these changes in silver prices

Other than that, the price of 99.5 percent pure gold also skyrocketed to a new level of Rs 77,900 per 10 grams. On Wednesday, gold had closed at Rs 77,500 per 10 grams. Traders said that gold prices received the edge from strong local demand and a strong global trend.

In futures trading, gold price for the October contract at MCX gained Rs 162 or 0.22 percent to Rs 75,475 per 10 grams.

While the December delivery price of silver contract was up by Rs 1,034 or 1.12 percent to Rs 93,079 a kg. In international markets, Comex gold rose 0.61 per cent to $2,701.20 an ounce.

Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities said, "Gold has gained momentum in recent days amid easy monetary policy of major Western central bankers and growing concerns due to escalating war in the Middle East." Gandhi said that apart from weakness in the US dollar, it also supported the precious metals.

According to Kaynat Chainwala, AVP, Commodity Research, Kotak Securities, Comex gold remains stable around its record high level while traders await the address of US Federal Reserve Chairman Jerome Powell, which is scheduled to be aired on Thursday at the 10th Annual US Treasury Market Conference.

Silver also rose 2.63 per cent to $32.86 an ounce in Asian trading hours. Jatin Trivedi, Vice President, Commodity & Currency Segment, LKP Securities, said traders will be awaiting the gross domestic product (GDP) data as well as the core personal consumption expenditure (PCE) price index on Friday, which will be the key drivers for market direction.