Gold price today jumped to Rs 52,780 from Rs 52,670 per 10 gm, while silver was trending at Rs 61,900 per kg, according to the Good Returns website.
Gold jewellery price vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.
In New Delhi, the gold price of 22-carat rose to Rs 49,300 per 10 gm, while in Chennai it dropped to Rs 47,700. In Mumbai, the rate was Rs 49,950 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 52,030 per 10 gm.
On the MCX, December gold futures slid 0.40 per cent to Rs 50,900 per 10 gm, while silver December futures were at Rs 61,647 per kg.
Gold prices rose Rs 55 to Rs 50,735 per 10 gram in the national Capital on Tuesday, tracking strong global trends, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 50,680 per 10 gram.
Silver prices also gained Rs 170 to Rs 61,780 per kilogram, from Rs 61,610 per kilogram in the previous trade. “Spot gold prices for 24 carat in Delhi were up by Rs 55 on strong global gold prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Gold rose on Tuesday as the dollar slipped and ambiguity regarding the declaration of U.S. presidential results prompted investors to seek the refuge of the safe-haven metal. Spot gold rose 0.6 per cent at $1,906.83 per ounce. gold futures gained 0.8 oer cent to $1,907.50.
"The sole driver behind gold prices is the high likelihood that there is going to be chaos surrounding the US elections, from the predictions of not having a president by tonight," said Jeffrey Sica, founder of Circle Squared Alternative Investments.