Gold prices rallied sharply on Wednesday, rising by Rs 5,091 to Rs 1.44 lakh per 10 grams in futures trade, supported by strong global cues and a softer US dollar.

On the Multi Commodity Exchange (MCX), April contracts gained 3.66% to Rs 1,44,003 per 10 grams.

The surge in bullion prices was driven by increased safe-haven demand and improved sentiment in the global commodities market, analysts said.