Gold prices on Wednesday jumped to Rs 53,100 from Rs 52,890 per 10 gm, while silver was trending at Rs 62,100 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 49,600 per 10 gm, while in Chennai it dropped to Rs 47,560. In Mumbai, the rate was Rs 49,900 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,880 per 10 gm.
On the MCX, December gold futures climbed 0.04 per cent to Rs 50,950 per 10 gm, while silver December futures were at Rs 62,250 per kg.
Gold prices in the national capital dropped Rs 137 to Rs 51,108 per 10 gram on Tuesday amid rupee appreciation and subdued demand, according to HDFC Securities.
The precious metal had closed at Rs 51,245 per 10 gram in previous trade. silver, however, rose by Rs 475 to Rs 62,648 per kilogram from Rs 62,173 per kilogram in the previous trade. "Gold prices in India traded under pressure as spot gold prices for 24 karat in Delhi were weak by Rs 137 on rupee appreciation and subdued physical demand," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
In the international market, gold prices rose on Tuesday, helped by a weaker dollar and worries over a second surge in coronavirus cases, while investors held back from making large bets ahead of next week's US presidential election.
Spot gold was up 0.4% at $1,908.84 per ounce. US gold futures rose 0.3 per cent to $1,911.40. The dollar index slipped 0.2 per cent against its rivals, making gold less expensive for holders of other currencies. "Gold is stuck in a tight range and there's probably not going to be too much activity before the U.S. election," said Michael Matousek, head trader at U.S. Global Investors.
However, people are still carrying bullish bias on gold because of the coronavirus worries, slowdown in global economies and stimulus measures, which is prompting investors to add gold into their portfolios, he added.