Trading activity remained bullish with most of the stockists buying metal at every rise, expecting the overseas trend might fuel the trend further.
Gold for immediate delivery rose in global markets to 24-year high levels at $511.20 an ounce in early trade, a level never seen since April 1981, as fund managers bought the metal to diversify their portfolios.
Demand from jewellery makers, who account for 73 per cent of total consumption, may slow with buyers reluctant to pay current prices, an analyst said.
Jewellers bought a record $38 billion of gold in the 12 months ended June 30 as the global economy expanded, the producer-funded World Gold Council said. Gold for delivery in February rose as much as $2.20 to $514.80 an ounce on the Comex division of the New York Exchange, the highest since February 1983.
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