Update: Gold sets new peak at Rs 14,550

Gold skyrocketed to a record-high level of more than Rs 14,500 per ten gm in the national capital today on frantic buying by stockists and jewellery fabricators, triggered by firming global trends.

The precious metal spurted by Rs 310 at Rs 14,550 per ten gram, a level never seen before, following reports that gold in overseas markets advanced for the first time in three days on concerns that the global economy will deteriorate, lifting demand for the commodity as a haven.

The international gold markets, which normally determine prices on the domestic front here, turned extremely bullish after it surged to 913.70 dollars an ounce on the New York Mercantile Exchange, up from 892.40 dollars.

US President Barack Obama said the US economy faces a "full-blown crisis" and government action is necessary now to put people back to work.

An ongoing heavy marriage season here further boosted demand for gold among jewellers.

Market players in world bullion markets are optimistic that the metal would remain on a record-making-and-breaking spree for another three months, before setting a new peak.