Gold prices today jumped to Rs 55,030 from Rs 54,540 per 10 gm, while silver was trending at Rs 69,500 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 50,450 per 10 gm, and in Chennai, it jumped to Rs 49,520. In Mumbai, the rate was Rs 50,450, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 54,020 per 10 gm.
On the MCX, October gold futures climbed 0.16 per cent to Rs 51,769 per 10 gm, while silver December futures were at Rs 68,967 per kg.
Gold prices rose by Rs 422 to Rs 53,019 per 10 gram in the national capital on Tuesday amid rupee depreciation and positive global trend, according to HDFC Securities.
The precious metal had closed at Rs 52,597 per 10 gram in the previous trade. Silver also witnessed buying interest as it jumped Rs 1,013 to Rs 70,743 per kilogram from Rs 69,730 per kilogram in the previous trade.
"Spot gold prices for 24 carat in Delhi rose by Rs 422 on rupee depreciation and rally in international prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Gold prices rose on Tuesday as the dollar remained subdued, with investors turning their focus to a U.S. Federal Reserve monetary policy meeting, seeking details of its plans on inflation targeting. Spot gold was up 0.3% at $1,962.78 per ounce by 0259 GMT, adding to a 0.8% gain in the previous session. U.S. gold futures climbed 0.5% to $1,972.60.