India, May 13 -- Gold prices surged sharply on Wednesday after the central government increased customs duties on precious metal imports, just days after Prime Minister Narendra Modi urged people to not buy gold. The price of 24-carat gold rose by Rs.9,338 to Rs.16,285.8 per gram, while 22-carat gold climbed Rs.8,553.61 to Rs.14,917.793 per gram. Despite the sharp jump, 24-carat gold prices are still down 1.07 per cent over the past week and 0.75 per cent over the last month.

Silver prices also saw a strong rise, increasing by Rs.18,532 to Rs.2,97,386 per kg.

In Delhi, gold was priced at Rs.1,62,858 per 10 grams on Wednesday, up from Rs.1,53,520 on May 12 and Rs.1,51,871 on May 7. Silver prices in the national capital stood at Rs.2,97,3...