Gold prices in India hit an all-time high on Wednesday, tracking global trends.

At 12.03 pm, 10 grams of 24 carat gold (99.9% purity) was priced at Rs 52,050 in Mumbai, Rs 51,855 in Delhi, Rs 51,850 in Bengaluru and Rs 51,625 in Kolkata.

So far, the price of gold has gained around 28% this year, Reuters reported. However, the price rise reduced retail demand for gold in the country. India is the second-biggest consumer of gold in the world.

But India’s gold imports in the April to June 2020 quarter fell 96% to 13 tonnes over the same period in 2019, after shipments ground to a halt in April and May due to the coronavirus pandemic.

In the overseas market, the price of spot gold jumped more than 1% on Wednesday to its highest in nearly nine years, due to a weakening dollar, before paring its gains.

Silver prices in India jumped over 6% in intraday trade on Wednesday to reach Rs 61,280 per kg, the highest in seven-and-a-half years, before declining slightly. At 2.30 pm, silver was trading at Rs 58,829 per kg. The price of silver has risen by more than Rs 8,500 per kg in three days, Mint reported.

In global markets, silver jumped to near-seven-year highs. Spot silver climbed by over 7.2% to $22.8366 (approximately Rs 1,706) an ounce, the highest since 2013.

“Silver has rallied sharply amid concurrent gains in gold and industrial metals,” stockbroking firm Kotak Securities said in a note according to Mint. “Gold has risen to 2011 highs amid weaker US dollar and additional stimulus measures. Improved risk sentiment and weaker US dollar has benefited industrial metals as well.”