Gold prices jumped Rs 710 to Rs 53,797 per 10 gram in the New Delhi on Wednesday, according to HDFC Securities.

In the previous session, gold had closed at Rs 53,087 per 10 gram.

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Like Gold, Silver too gained by Rs 313 to Rs 65,540 per kg from Rs 65,227 per kg in the previous trade.

In the international market, gold was trading flat at USD 1,958.30 per ounce, while silver also depicted muted trend and was quoting at $24.27 per ounce.

“Investors and traders are awaiting for further cues from the US Fed, hence gold has witnessed muted trade,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Gold price has taken pace globally on concern of the impact of the pandemic on the economies, backed by the tussle between US-China and a weaker dollar.

While the physical demand for gold has remained low because of the higher prices, investors have poured money into avenues such as exchange-traded funds to benefit from the rally.