Gold price today jumped to Rs 54,150 from Rs 52,780 per 10 gm, while silver was trending at Rs 61,200 per kg, according to the Good Returns website.
Gold jewellery prices vary 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 rose to Rs 49,650 per 10 gm, while in Chennai it climbed to Rs 48,020. In Mumbai, the rate was Rs 49,900 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 52,380 per 10 gm.
On the MCX, December gold futures fell 1.53 per cent to Rs 50,810 per 10 gm, while silver December futures were at Rs 61,320 per kg.
Gold fell on Wednesday as the dollar strengthened after US President Donald Trump grabbed an early lead in the key state of Florida, muddying the path for his Democratic rival Joe Biden. Spot gold fell 0.6% to $1,896.44 per ounce by 0358 GMT, having earlier shed as much as 1 per cent.
US gold futures fell 0.7 per cent to $1,897.10.
"The market is losing confidence in a clear run to a Biden victory at the moment ... We have seen the Biden trade unwind and a big effect of that is that we have seen the dollar strengthen," said IG Markets analyst Kyle Rodda. Investors were initially limbering up for a win for Biden, who was expected to inject the market with potentially large stimulus measures to help weather the economic fallout from the Covid-19 pandemic.
"I think the odds of a clean sweep are diminishing, almost by the minute. That reduces the possibility, or the likelihood at least, of a large stimulus program being agreed to in the first days of a Biden administration," said Matt Sherwood, head of the investment strategy at Perpetual in Sydney.
Gold has gained about 25oer cent so far this year on the back of unprecedented global stimulus amid the Covid-19 pandemic since bullion is considered an inflation hedge.