New Delhi: Gold prices spurted by Rs 247 to Rs 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 Rs 48,156 per 10 grams.

Silver also rallied by Rs 825 to Rs 62,417 per kg from Rs 61,592 per kg in the previous trade.

In the international market, gold was trading with gains at USD 1,827 per ounce and silver was flat at USD 23.17 per ounce.

“Gold prices traded marginally up with spot prices at COMEX trading at USD 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 US 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.”