Gold prices again came in action on Wednesday on the back of reports that the glamorous metal would soon retrieve the psychologically important level of $1,000 per ounce in overseas market in coming few months, due to volatility in stock markets.

It should be noted that earlier this week, precious metals consultancy GFMS said in its annual gold survey report that, the gold prices could rise to a record above $1,100 an ounce in the coming months, as investors seek to guard against rising inflation.

Yesterday, the price of yellow metal soars by an impressive Rs 315 to close at Rs 14,735 per 10 gm in Delhi.

The yellow precious metal, which is used in jewellery, dentistry and electronics, had made a record high of $1,032.70 per ounce on March 17, 2008.