Gold prices today jumped to 54,310 from Rs 54,160 per 10 gm, while silver slid to Rs 68,000 from Rs 68,100 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 charges.
In New Delhi, the price of 22-carat gold remained at Rs 49,800 per 10 gm, and in Chennai, it jumped to Rs 48,850. In Mumbai, the rate was Rs 49,950, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 53,290 per 10 gm.
On the MCX, October gold futures fell by 0.56 per cent to Rs 51,353 per 10 gm, while silver September futures were up marginally to Rs 68,494 per kg.
Gold prices rose Rs 122 to Rs 51,989 per 10 grams in the national capital on Tuesday supported by rupee depreciation, according to HDFC Securities. In the previous trade, gold closed at Rs 51,867 per 10 grams.
Silver also gained Rs 340 to Rs 69,665 per kg, from Rs 69,325 per kg in the previous trade. "Spot gold prices for 24 karat in Delhi were up by Rs 122, supported by rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
In the international market, gold was trading with marginal gains at $1,930 per ounce and silver was flat at $26.91 per ounce.
Reliance Securities Senior Research Analyst Sriram Iyer said, "International gold and silver were steady on Tuesday, as doubts over global economic recovery offset pressure from a stronger dollar ahead of policy strategies from central banks in Europe and North America."
Iyer added that market participants' focus will now be on Bank of Canada's policy meeting on Wednesday, followed by the European Central Bank's policy decision on Thursday.