Gold rallies Rs 750 to record high of Rs 63,500; silver zooms Rs 800

New Delhi: Gold price rallied Rs 750 to Rs 63,500 per 10 grams in the national capital on Wednesday amid strong global trends, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 62,750 per 10 grams.

Silver also zoomed Rs 800 to Rs 79,000 per kilogram.

"Gold prices surged on Wednesday, trading at an all-time high of Rs 63,500 per 10 gram, up Rs 750 following a bullish trend in overseas markets," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the overseas markets, gold and silver were trading higher at USD 2,041 per ounce and USD 24.95 per ounce, respectively.

Spot gold at Comex was trading at USD 2,041 per ounce, up USD 27 from the previous close.

Weaker dollar and statements from a Federal Reserve official reinforced bets that the central bank will begin lowering interest rates next year, which boosted traders' sentiment and pushed Comex gold to its highest level since May, Gandhi said.