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Gold price reached Rs 49,059 per 10 gram that is a rise of Rs 215 in the national capital on Wednesday supported by strong global precious metal prices. Silver price jumped Rs 1,185 to Rs 64,822 per kilogram. It was at Rs 63,637 per kilogram in the previous trade.

In the international market, gold was quoting in the green at US $1,854 per ounce and silver was flat at US $24.72 per ounce.

"Gold prices extended gains awaiting comments from the US Fed while raising hopes for US stimulus pressured dollar index which boosted buying in precious metals," HDFC Securities, Senior Analyst (Commodities), Tapan Patel said as quoted by PTI.

According to Credit Suisse, the main supporting factor continues to be unprecedented and very accommodative monetary and expansionary fiscal policy globally and in particular in the US, in response to the economic fallout from COVID-19.