Gold zoomed to near record levels and silver rose to a 30-year high on Thursday as investors shifted funds out of melting forex markets after the US Fed said it will purchase more debt to prop up the American economy, boosting demand for the precious metals as a safe haven.

Gold spurted by USD 34 dollar, or 2.5 per, cent to USD 1,371.60 an ounce in New York and 1.7 per cent to USD 1,371.55 an ounce in London, inching closer to the record high level of USD 1,387.35 set on 14th October.

The investor fraternity pulled out their money from forex markets and parked it in bullion markets as a safe haven.

The dollar slipped to a nine-month low versus the euro after the Fed said it will buy an additional 600 billion dollar of treasuries through June to boost the US economy.

The euro also gained ground amid speculation the European Central Bank might continue with its withdrawal of stimulus measures.

With the general firming trend, silver in New York gained 4.6 per cent to USD 25.66 an ounce, the highest price since March, 1980. Silver prices have recorded a gain of 50 per cent so far this year.