Gold price today jumped to Rs 52,750 from Rs 52,420, while the silver price was trending at Rs 66,300 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 46,620. In Mumbai, the rate was Rs 48,460 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 50,900 per 10 gm.
Gold prices fell Rs 108 to Rs 48,877 per 10 gram in the national capital on Wednesday as rupee appreciation capped upside in the price of the precious metal, according to HDFC Securities.
In the previous trade, the yellow metal had closed at Rs 48,985 per 10 gram. However, silver prices rose Rs 144 to Rs 65,351 per kilogram from Rs 65,207 per kilogram in the previous trade. The rupee appreciated 10 paise to close at 73.15 against the US dollar on Wednesday.
In the international market, Gold eked out gains on Wednesday, underpinned by data showing a rise in consumer prices in the United States and expectations that more fiscal stimulus from a Joe Biden administration could trigger higher inflation.
Spot gold recouped losses from earlier in the session and was up 0.2% at $1,859.06 an ounce at 1035 EST (1535 GMT), with U.S. gold futures up 0.8% at $1,858.60.
Bob Haberkorn, senior market strategist at RJO Futures, said expectations for more stimulus, higher than expected inflation data and the flight to safety because of the political environment in the United States were factors driving gold higher.
The Labor Department on Wednesday said its consumer price index increased 0.4% last month after gaining 0.2% in November.
"It shows that there's a slight uptick in inflation, which is always supportive of gold," Haberkorn said.