Gold price on Tuesday rose to its peak in more than three months on the back of a US dollar and growing inflationary pressure.
Gold futures on Multi Commodity Exchange (MCX) were up by 0.07 percent or Rs 33 at Rs 48,441 per 10 grams. Silver futures gained 0.92 percent or Rs 676 to Rs 74,000 per kg.
In the spot market, the highest purity gold was sold at Rs 48,146 while silver was priced at Rs 71,735 on Monday, according to the Indian Bullion and Jewellers Association.
Investors are now waiting for the outcome of the US Fed's last meeting, due on Wednesday, for cues on US central bank's monetary policy.
Gold prices in India continued the uptrend on the back of global cues. However, shops in major states remained locked due to restrictions imposed by local government, reducing the demand for physical gold in the world's second-largest bullion consumer.
In the global market, spot gold traded around $1,871.46 an ounce, near a three-and-a-half-month high, after the Empire State Manufacturing Survey, by the New York Fed, showed the highest prices paid since the series began in 2001.
Second spurt of Covid-19 will delay earnings recovery for Indian companies: Moody's
Amazon launches MiniTV, its in-app free video-streaming service exclusively for India
Max Life launches Saral Pension plan with guaranteed financial security