Silver, however, eased further on the back of steady speculative selling as well as subdued industrial demand.
Standard gold (99.5 purity) shot up by Rs 260 to end at Rs 30,750 per 10 grams from Tuesday's closing level of Rs 30,490.
Pure gold (99.9 purity) climbed by Rs 265 to finish at Rs 30,900 per 10 grams from Rs 30,635.
Silver ready (.999 fineness) edged down by Rs 40 to close at Rs 44,250 per kg as compared Rs 44,290 yesterday.
In overseas markets, the yellow metal hit a five-month low in early trade as investors awaited US economic data later in the week that could increase speculation that the Federal Reserve will soon exit its asset purchase scheme.
In London, spot gold fell by 1 per cent at USD 1,211.44 an ounce in early trade and silver also traded lower at USD 19.01 an ounce.