Gold prices spurted by ₹ 247 to ₹ 48,403 per 10 grams in the local market here on Wednesday amid gains in the metal in international markets, according to HDFC Securities.
In the previous trade, the precious metal had settled at ₹ 48,156 per 10 grams.
Silver also rallied by ₹ 825 to ₹ 62,417 per kg from ₹ 61,592 per kg in the previous trade.
In the international market, gold was trading with gains at $ 1,827 per ounce and silver was flat at $23.17 per ounce.
"Gold prices traded marginally up with spot prices at COMEX trading at $ 1,827 per ounce on Wednesday," Tapan Patel, Senior Analyst (commodities) at HDFC Securities, said.
He further said that gold prices have held upper trading range supported by a weak dollar and decline in the U.S. bond yields.
Navneet Damani, Senior VP – Commodities Research, Motilal Oswal Financial Services, said, "Gold prices continued to move higher, as inflationary pressure, Russia and Ukraine uncertainty boosted the safe haven appeal."
