Silver jumps Rs 1,603, gold marginally up

Silver prices spurted by Rs 1,603 per kg while gold was marginally up in the local market here on Wednesday amid a weaker rupee, according to HDFC Securities.

Gold prices inched up by Rs 16 to Rs 47,878 per 10 grams. In the previous trade, the precious metal had settled at Rs 47,862 per 10 gram.

"Gold prices traded slightly higher following a weak rupee," according to Dilip Parmar, Research Analyst, HDFC securities.

Silver jumped Rs 1,603 to Rs 63,435 per kg from Rs 61,832 per kg in the previous trade.

The rupee declined by 12 paise to 74.70 against the US dollar in opening trade on Wednesday.

In the international market, gold was trading marginally up at USD 1,814.94 per ounce and silver was flat at USD 23.64 per ounce.

"Gold prices have been steady around USD 1,800 lacking fresh triggers for directional trend," he added.