Gold metal trade higher, buy for a target of Rs 50,900

Gold metal trade higher, buy for a target of Rs 50,900

Gold was trading higher in the Indian market on January 7 despite a muted trend in international spot prices as a rise in treasury yields eclipsed support from a Democrat sweep in Georgia Senate runoffs that boosted hopes for more stimulus.

On the Multi-Commodity Exchange (MCX), February gold contracts were trading higher by 0.48 percent at Rs 50,750 for 10 grams at 0920 hours. March silver was trading 0.25 percent lower at Rs 69,593 a kilogram.

Increasing the opportunity cost of holding non-interest bearing gold, the 10-year US Treasury yield remained firm after rising above 1 percent for the first time since March on January 6, a Reuters report said.