New Delhi, May 13 -- Precious metals traded higher on Wednesday, 13 May, with gold recording modest gains and silver continuing its upward surge, supported by sustained investor interest and tightening physical market conditions.

COMEX gold futures jumped $49 per troy ounce to an intraday high of $4,734. Meanwhile, silver futures surged $4.30 to $89.88, hitting their highest level in two months. Over the last eight trading sessions, the white metal has rallied 22.3%.

The modest gain in the yellow metal is largely stemmed from higher-than-expected US inflation data for April, which increased expectations of a potential 25-basis-point Federal Reserve rate hike by December. However, the yellow metal remained relatively resilient, supported...