On the Multi Commodity Exchange, gold contracts for December delivery traded higher by Rs 148, or 0.39 per cent, at Rs 38,531 per 10 gram in a business turnover of 2,359 lots.
Gold for delivery in February next year also traded higher by Rs 127, or 0.33 per cent, at Rs 38,833 per 10 gram in a business turnover of 99 lots.
Analysts said the rise in gold prices was mostly on the back of fresh positions built by participants on domestic demand.
Globally, gold prices were trading higher 0.63 per cent to $ 1,513.30 an ounce in New York.
Silver prices rose by Rs 196 to Rs 46,070 per kg in futures trade on Wednesday as participants widened their bets amid a firm trend in precious metals overseas.
On the Multi Commodity Exchange, silver contracts for December delivery gained Rs 196, or 0.43 per cent, to Rs 46,070 per kg in a business turnover of 2,873 lots.
Similarly, the white metal for delivery in March next year was trading higher by Rs 232, or 0.5 per cent, to Rs 47,030 per kg in 37 lots.
Analysts said widening of positions by participants in line with a firm global trend influenced silver prices here.
In the international market, silver was up 0.73 per cent at $ 17.83 an ounce in New York.