New Delhi, May 13 -- Silver prices surged on Wednesday, 13 May, as investors reacted to India's decision to sharply increase import duties on precious metals, while global bullion markets remained supported by sticky US inflation data and ongoing geopolitical tensions in the Middle East. Gold prices also rallied.

Silver price on MCX hit its 6% upper circuit of Rs.2,95,805 per kg, while gold was also at its 6% upper circuit of Rs.1,62,648 per 10 grams.

Spot silver gained 1% to $87.40 per ounce, extending gains alongside gold, which remained firm near record levels. Spot gold stood at $4,713.39 per ounce as of 0100 GMT, while US gold futures for June delivery rose 0.7% to $4,721.80. Among other precious metals, platinum slipped 0.1% to $2...