The contract was trading at Rs 19,242 at 12:37 p.m.
Global rally
Gold surged more than 2% to a record above USD 1,270 an ounce on Tuesday, its biggest one-day gain in four months, as investors sought shelter from economic uncertainty and fled the US dollar.
In a mixed day for commodity and financial markets, the dollar fell across the board on a range of factors including a Japanese political vote that dimmed the risk of yen intervention and the breach of a key technical level.
Gold also gained on concerns that more stimulus may be needed to get a shaky global economy firmly back on track, one of the factors that have underpinned the metal's 16% increase this year as major investors stock up on bullion.
