Gold and silver prices surged more than 1 per cent on Wednesday as escalating tensions between the US-Israel alliance and Iran drove investors towards safe-haven assets.

On the Multi Commodity Exchange (MCX), gold April futures rose 1.04 per cent to Rs 1,62,790 per 10 grams at around 11:30 am. Meanwhile, silver May futures climbed 1.84 per cent to Rs 2,70,200 per kilogram during intraday trading.