Spot gold shot up 2.7% to $5,542.29 an ounce by 0149 GMT, after hitting a record $5,591.61 earlier in the day. Meanwhile, with elevated gold prices, customers have been cramming into stores in Shanghai and Hong Kong that sell the precious metal, with some betting it could rise even further. Spot silver was up 1.1% at $117.87 an ounce after hitting a record high of $119.34 earlier. "The silver market is forecast to deliver yet another deficit this year, but the real market tightness stems from the reduced availability of above ground stocks," analysts at Standard Chartered said in a note. Spot platinum rose 1% to $2,723.40 an ounce, after hitting a record high of $2,918.80 on Monday, while palladium fell 1.6% to $2,041.20.