Gold metal holds 50,000, buy on dips for a target of 50,500

Gold metal holds 50,000, buy on dips for a target of 50,500

Gold was trading marginally higher and holding above Rs 50,000 per 10 gm in Indian markets on December 29, tracking a positive trend in international spot prices. On the Multi-Commodity Exchange (MCX), February gold contracts were trading higher by 0.11 percent at Rs 50,070 for 10 grams at 0920 hours. March silver was trading 0.19 percent lower at Rs 68,685 a kilogram.

Experts say both gold and silver could remain volatile but investors can use dips to buy. Investors could use mild dips towards 49,800 for a target of Rs 50,500.

Gold and silver showed strength in the early trading sessions the previous day after US President Donald Trump signed the COVID-19 stimulus bill. Gold tested $1,900 per troy ounce but couldn't hold the gains and slipped.