Gold price today jumped to Rs 49,530 from Rs 49,440, while silver price was trending at Rs 69,200 per kg, according to the Good Returns website.
Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.
In New Delhi, the price of 22-carat gold is at Rs 45,410 per 10 gm, while in Chennai it has fallen to Rs 48,050. In Mumbai, the rate is Rs 46,460 according to the Good Returns website. The price of 24-carat gold in Chennai is Rs 47,760 per 10 gm.
Gold prices in the national capital jumped Rs 278 to Rs 46,013 per 10 grams on Monday, supported by a recovery in international prices, even as rupee appreciation capped the price of the precious metal, according to HDFC Securities.
The precious metal had closed at Rs 45,735 per 10 grams in the previous trade.
In tandem, silver prices witnessed an increase of Rs 265 to Rs 68,587 per kg on Monday, compared with its previous close of Rs 68,322. HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Spot gold prices for 24 carat gold at Delhi traded up by Rs 278 reflecting gains in global gold prices despite of sharp rupee appreciation."
The Indian rupee gained 16 paise and settled at 72.49 against the US dollar on Monday.
In the international market, Gold rose more than 1.5% to a near one-week high on Monday, as expectations for rising inflation triggered equity valuation concerns and drove investors toward the safe-haven metal, while a weaker U.S. dollar lent further support.
Spot gold was up 1.5% at $1,808.16 an ounce by 1:46 p.m. EST (1846 GMT), after hitting its highest level since Feb. 16 in the session. US gold futures settled up 1.7% at $1,808.40.
"We are seeing investment flows into gold as market participants grow more anxious about rising real rates that can impact equity valuations," said TD Securities commodity strategist Daniel Ghali, pointing to rising Treasury yields. US benchmark 10-year treasury yields hit a near one-year high, increasing the opportunity cost of holding non-yielding bullion