Gold price today jumped to Rs 52,750 from Rs 52,420, while the silver price was trending at Rs 65,800 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 gold price of 22-carat gold is at Rs 48,350 per 10 gm, while in Chennai it fell to Rs 46,800. In Mumbai, the rate was Rs 48,580 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,050 per 10 gm.
Gold prices in the national capital jumped for the second consecutive day on Tuesday gaining Rs 297 to Rs 48,946 per 10 gram, in line with rally in international precious metal prices, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 48,649 per 10 gram.
Silver also gained Rs 1,404 to Rs 65,380 per kg, from Rs 63,976 per kg in the previous trade.
In the international market, Gold gained about 1% on Tuesday, bouncing off a one-month low touched in the last session, as focus returned to prospects of inflation driven by more U.S. fiscal stimulus under President-elect Joe Biden.
Spot gold was up 0.7% at $1,857.63 per ounce. On Monday, prices touched their lowest level since Dec. 2. U.S. gold futures gained 0.4% to $1,858.50.
"It's quite clear that the money markets are factoring a very sizeable fiscal stimulus spend from the Democrats, some bounce in inflation," said Ross Norman, an independent analyst. "So gold initially traded lower on those triggers - dollar and Treasury yields (rising) - now it's trading a little higher on anticipation of some inflation to come."