Gold set a record high peak at Rs 10,380

NEW DELHI: Gold prices sky-rocketed on Wednesday to  touch a new peak at Rs 10,380 per 10 gram on the bullion market on brisk buying by stockists.

The precious metal crossed 700 dollar an ounce in other Asian markets as crude oil traded above 70 dollar a barrel after tensions increased over Iran's nuclear issue.

Gold for immediate delivery rose 30 cents to 701.20 dollar. Bullion for immediate delivery last surpassed 700 mark when it touched 710.50 on September 24, 1980.

The domestic markets, which were already passing through a month of heavy demand for the marriages, recieved the overseas impact as a shot in the arm and reacted sharply.

The metal also surged to open higher in Chennai by Rs 290 at Rs 10,290, in Mumbai by Rs 245 at Rs 10,245 while it maintained high level of Rs 10,100 in Kolkata.