Gold prices today jumped to Rs 54,540 from Rs 54,390 per 10 gm, while silver was trending at Rs 68,300 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 50,000 per 10 gm, and in Chennai, it jumped to Rs 49,070. In Mumbai, the rate was Rs 49,900, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 53,530 per 10 gm.
On the MCX, October gold futures climbed 0.72 per cent to Rs 51,687 per 10 gm, while silver December futures were at Rs 68,965 per kg.
The precious metal had closed at Rs 52,489 per 10 gram in the previous trade.
Silver prices, however, rose by Rs 222 to Rs 69,590 per kilogram from Rs 69,368 per kilogram in the previous trade. "Spot gold prices for 24 carat in Delhi were marginally down by Rs 24 on rupee appreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Gold prices were flat on Monday ion the international market as investors maintained a cautious approach ahead of U.S. Federal Reserve's monetary policy decision this week and as optimism around a potential Covid-19 vaccine lifted appetite for riskier assets. Spot gold was mostly unchanged at $1,941.11 per ounce by 0042 GMT.U.S. gold futures were also steady at $1,948.30.
All eyes were on the U.S. central bank's two-day policy meeting scheduled on Sept. 15-16.
Physical gold dealers in India were forced to offer discounts for a fourth straight week as bullion remained unattractive for most retail consumers.
Speculators increased their net long position in gold by 3,608 contracts to 154,629 in the week ended Sept. 8.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.4% to 1,248.00 tonnes on Friday. Silver fell 0.3% to $26.68 per ounce, platinum gained 0.4% to $928.61, while palladium was steady at $2,321.43.