"Gold price of Rs 37,920 per 10 grams is the highest in the domestic market till date," Press Trust of India quoted Surendra Jain, vice-president, All India Sarafa Association, as saying.

Gold prices have been surging for the last few days and had hit Rs 36,970 per 10 grams on Monday. The prices had fallen by Rs. 163 on Tuesday.

In Delhi, gold of 99.9 per cent purity surged by Rs 1,113 to Rs 37,920, while that of 99.5 per cent climbed Rs 1,115 to Rs 37,750 per 10 grams.

Sovereign gold also rose by Rs 200 to Rs 27,800 per eight grams.

"Gold prices witnessed safe haven buying due to global economic uncertainty on trade war escalation and weak investment sentiment, Press Trust of India quoted Tapan Patel, senior analyst (Commodities), HDFC Securities as saying. The trade war intensified with US labelling China as 'currency manipulator', while China ordered to suspend all agriculture import from US, added Mr Patel.

Globally, gold prices jumped 1 per cent on Wednesday to their highest in more than six years, as the trade war between China and the United States showed no signs of abating, spurring investors to seek refuge in safe-haven assets, reported news agency Reuters.

Spot gold was up 1.1 per cent at $1,490.57 per ounce in intraday trade, its highest since April 2013. US gold futures climbed 1.2 per cent to $1,501.50 an ounce.

Silver ready rose by Rs 650 to 43,670 per kg, while weekly-based delivery gained by Rs 694 to Rs 42,985 per kg.

Silver coins also traded higher by Rs 1,000 at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.